Aramco Signs Key Agreements With China's Rongsheng And Hengli
Date
9/12/2024 5:19:09 AM
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, September 12. Aramco has
signed new agreements with Chinese companies Rongsheng
Petrochemical Co. Ltd. and Hengli Group Co. Ltd., strengthening its
role in China's energy security and development, Trend reports.
The deals were announced during a visit to Saudi Arabia by
Chinese Premier Li Qiang and aim to deepen cooperation in energy
and petrochemical sectors.
The agreements include a Development Framework Agreement with
Rongsheng, focused on the potential expansion of the Saudi Aramco
Jubail refinery (SASREF). This follows earlier plans for Rongsheng
to acquire a 50% stake in SASREF and to develop a
liquids-to-chemicals project. Additionally, Aramco could acquire a
50% stake in Rongsheng's affiliate, Ningbo Zhongjin
Petrochemical.
Aramco also signed a Strategic Cooperation Agreement with Hengli
Group, advancing discussions on a potential 10% stake in Hengli
Petrochemical Co., Ltd., pending due diligence and regulatory
approvals.
Aramco Downstream President Mohammed Y. Al Qahtani highlighted
the long-term benefits of these partnerships, stating they will
strengthen Aramco's position in the Chinese market and drive mutual
growth in the energy and petrochemical sectors.
MENAFN12092024000187011040ID1108665843
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.