Saudi Aramco completed the acquisition of a 10% stake in Rongsheng Petrochemical for CNY24.6bn.

Saudi Aramco, an integrated energy and chemicals companies, completed the acquisition of a 10% stake in Rongsheng Petrochemical, a China-based company principally engaged in the research, development, manufacturing and distribution of refining products, petrochemicals and chemical fibers, for CNY24.6bn. “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,” Mohammed Y. Al Qahtani, Aramco President of Downstream.