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on september 11, saudi aramco announced that it had signed a development framework agreement with rongsheng petrochemical. the two parties are discussing two acquisition matters, namely rongsheng petrochemical's proposed acquisition of a 50% stake in sasref, a wholly-owned subsidiary of saudi aramco, and saudi aramco's potential acquisition of no more than 50% of the shares of cicc petrochemical, a wholly-owned subsidiary of rongsheng petrochemical.

at the same time, saudi aramco also announced that it had signed a strategic cooperation agreement with hengli group, advancing negotiations on saudi aramco's possible acquisition of a 10% stake in hengli petrochemical, but due diligence and regulatory approval are still required.

saudi aramco is one of the world's largest integrated energy and chemicals companies, with a current total market value of approximately rmb 12.39 trillion.

>> saudi aramco’s previous investment was said to be a “huge loss”

rongsheng petrochemical announced on the evening of september 11 that on january 2, 2024, the company signed a memorandum of understanding with saudi arabian oil company (referred to as "saudi aramco").

the memorandum shows that the two parties are discussing rongsheng petrochemical (or its affiliates) to acquire 50% of the equity of jubail refining and chemical company ("sasref"), a wholly-owned subsidiary of saudi aramco, and to increase production capacity through expansion to improve product flexibility, complexity and quality. at the same time, the two parties are also discussing saudi aramco (or its affiliates) to acquire no more than 50% of the equity of ningbo zhongjin petrochemical co., ltd. ("zhongjin petrochemical"), a wholly-owned subsidiary of rongsheng petrochemical, and jointly develop the upgrade and expansion of zhongjin petrochemical's existing facilities.