Jan 04, 2024 05:18 AM

BUSINESS

Saudi Aramco and China’s Rongsheng Plan Closer Tie-up

By Luo Guoping and Han Wei

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The deal is expected to help Aramco expand its business reach amid a global shift toward a low-carbon economy

The deal is expected to help Aramco expand its business reach amid a global shift toward a low-carbon economy

Saudi Aramco and its Chinese partner Rongsheng Petrochemical Co. Ltd. have agreed to deepen their tie-up further by taking a stake in each other’s subsidiaries.

China’s privately controlled refiner Rongsheng said it signed a memorandum of understanding with Aramco to buy a 50% stake in the Saudi company’s refining unit Saudi Aramco Jubail Refinery Company (SASREF).

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