World’s largest oil producer plans to deepen its push into China
CNN
Saudi energy giant Aramco, the world’s largest integrated oil and gas company, could be upping is planning to up its investment stake in its Chinese partner, as it expands its investments footprint in the country.
Saudi energy giant Aramco, the world’s largest integrated oil and gas company, is planning to up its investment in its Chinese partner, as it expands its footprint in the country. Aramco is in talks with Rongsheng Petrochemical to acquire a maximum 50% stake in the latter’s subsidiary Ningbo Chongjin Petrochemical, the Chinese company said in a Wednesday filing to the Shenzhen Stock Exchange. Rongsheng, a Hangzhou-based privately-owned refiner, said it’s also discussing the possibility of taking a 50% stake in Saudi Aramco Jubail Refinery Company, the refining unit of the Saudi company, citing a memorandum of understanding the two sides had signed a day earlier. The companies could also jointly upgrade and expand the Chinese subsidiary’s equipment and build the massive Rongsheng New Materials (Zhoushan) project, Rongsheng said. The project will make high performance petrochemicals, such as engineering plastics, special polyesters and high-end resins that can be used in electronic devices and semiconductors, it said. Saudi Arabia has significantly strengthened its energy ties with China since last year.
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