Aramco has acquired a 10% interest in Rongsheng for US$3.4 billion (€3.1 billion).
The acquisition follows the signing of definitive strategic agreements by both parties announced in March.
It represents the continued growth of Aramco’s downstream presence in China and includes the supply of 480 000 bpd of Arabian crude to the largest Chinese integrated refining and chemicals complex, which is owned by Rongsheng affiliate Zhejiang Petroleum and Chemical.
Mohammed Y. Al Qahtani, Aramco downstream president, said: “Our strategic partnership with Rongsheng advances Aramco’s liquids to chemicals strategy while growing our presence in China and showcases our importance as a reliable supplier of crude oil. This key acquisition is an important part of Aramco’s long-term growth strategy, expanding our presence in a vital market.”
Li Shuirong, chairman of Rongsheng, said: “The completion of this transaction marks the entry of Rongsheng and Aramco into a new era together, and also signifies an important step forward in Rongsheng's internationalisation strategy.”
Aramco acquires stake in Rongsheng
