China’s Rongsheng seals MoU with Aramco to buy 50% of SASREF

02/01/2024 Argaam

China’s Rongsheng seals MoU with Aramco to buy 50% of SASREF

Logo of Saudi Arabian Oil Co. (Saudi Aramco) 

China's Rongsheng Petrochemical Co. Ltd. signed a memorandum of understanding (MoU) with Saudi Arabian Oil Co. (Saudi Aramco) to acquire 50% of Saudi Aramco Jubail Refinery Co. (SASREF). 

 

They are also discussing Aramco’s potential acquisition of up to 50% of Rongsheng’s Ningbo Zhongjin Petrochemical unit, the company said in a statement to the Shenzhen Stock Exchange (SZSE).

 

The final investment decisions for both transactions depend on due diligence, it added.

 

Saudi Aramco bought a 10% stake in Rongsheng Petrochemicals for RMB 24.6 billion ($3.4 billion) in July 2023, through its wholly-owned subsidary Aramco Overseas Co., according to data compiled by Argaam.

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