Aramco strengthens Chinese partnerships with Rongsheng and Hengli deals

Aramco, one of the world’s leading integrated energy and chemicals companies, has reinforced its strategic partnerships with key Chinese firms through the signing of two major agreements. The deals were finalised during a visit by Chinese Premier Li Qiang and a senior delegation to Saudi Arabia, further enhancing Aramco’s role in supporting China’s long-term energy security.

A Development Framework Agreement with Rongsheng Petrochemical Co. Ltd. lays the groundwork for potential expansion projects at Aramco’s SASREF facilities in Jubail, Saudi Arabia. This follows earlier announcements of a joint venture and Rongsheng’s potential acquisition of a 50% stake in SASREF. In return, Aramco may acquire a stake in Ningbo Zhongjin Petrochemical Co. Ltd., a Rongsheng affiliate.

Additionally, a Strategic Cooperation Agreement with Hengli Group Co. Ltd. opens up talks regarding Aramco’s potential acquisition of a 10% stake in Hengli Petrochemical Co. Ltd., advancing both companies’ downstream objectives.

 “The signing of these agreements reaffirms our belief in the long-term, mutual benefits that can arise from Aramco’s close collaboration with our Chinese partners. China is an important country in our global downstream growth strategy, and we look forward to building on a relationship that spans more than three decades to unlock new opportunities in this crucial market,” said Mohammed Y. Al Qahtani, president of Aramco Downstream.

“These agreements reflect our collective intention to elevate our relationships in vital sectors to advance our downstream objectives, contribute to both China’s and Saudi Arabia’s vibrant energy and petrochemicals sectors, and help develop future technology solutions.”