Aramco, Rongsheng Petrochemical ink deal to improve SASREF extension
Date
11/26/2024 3:27:21 AM
(MENAFN) Aramco, which is one of the leading integrated energy and chemicals firms in the world, Aramco affiliate Saudi Aramco Jubail refinery Fir (SASREF), and an affiliate of Rongsheng Petrochemical Co. Ltd. (Rongsheng Petrochemical) inked a Development Framework Deal in Beijing, China, that paves the way for an extension project at SASREF in Jubail, Saudi Arabia.
The multilateral deal highlights the collaborative mechanism and planning for the project's strategy and advancement. The project targets to extend SASREF's refining and petrochemical abilities while encouraging global cooperation, stated Aramco in a statement on Tuesday.
Aramco Downstream Keader Mohammed Y. Al Qahtani stated that "By aligning our efforts, Aramco and Rongsheng Petrochemical aim to deliver additional value to our stakeholders. This Development Framework Agreement underscores Aramco's intentions to foster closer collaboration with key partners and progress its strategic downstream expansion, both in the Kingdom of Saudi Arabia and internationally. It also highlights the potential of the Kingdom's downstream sector to attract overseas players."
Rongsheng Petrochemical Chairman Li Shuirong stated "The signing of the Development Framework Agreement sets the stage for Rongsheng Petrochemical's in-depth participation in the SASREF expansion project."
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