Mar 28, 2023 04:14 AM

BUSINESS

Saudi Aramco Boosts China Investment With $3.6 Billion Refinery Deal

By Luo Guoping and Denise Jia

Rongsheng bought 21% of its crude oil and other raw materials from Saudi Aramco and affiliates last year.

Rongsheng bought 21% of its crude oil and other raw materials from Saudi Aramco and affiliates last year.

Saudi Aramco agreed to buy a 10% ownership share of privately controlled Rongsheng Petrochemical Co. Ltd. (002493.SZ) for 24.6 billion yuan ($3.6 billion) in a move that will significantly expand its refining presence in the country.

The deal came one day after the world’s biggest oil producer and its Chinese partners agreed to build a $10 billion refining and petrochemical plant in northeastern China’s Liaoning province.

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