Aramco Signs Key Agreements With China's Rongsheng And Hengli

2024-09-12 05:19:09

(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.

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