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Saudi Arabia Strengthens Ties with Largest Economy with Memorandum of Understanding for Equipment and Petrochemical Products in Hangzhou.
Saudi energy company Aramco, one of the leading oil and gas companies in the world, is planning to increase its investments in Rongsheng Petrochemical, its partner in China, as part of its efforts to expand its presence in the country.
Aramco is in negotiations with the Chinese company to acquire a maximum stake of 50% in its subsidiary, Ningbo Chongjin Petrochemical, the Chinese petrochemical company stated in a statement filed on Wednesday (3) to the Shenzhen Stock Exchange. Aramco is seeking to strengthen its strategic partnerships in China to boost its business in the region.
Aramco Strengthens Energy Partnerships with China and Hong Kong
Rongsheng, a private refinery based in Hangzhou, is considering acquiring 50% of the Saudi Aramco Jubail Refinery Company, a refining unit of the Saudi company, according to a memorandum of understanding recently signed.
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Additionally, the companies are planning to jointly upgrade and expand the equipment of the Chinese subsidiary, as well as to build the large Rongsheng New Materials project (Zhoushan), focused on high-performance petrochemical products, such as engineering plastics, specialty polyesters, and high-quality resins for use in electronic devices and semiconductors.
The Saudi Arabia has significantly strengthened its energy ties with China recently.
In March, Aramco agreed to purchase a 10% stake in Rongsheng for 24.6 billion yuan (US$ 3.49 billion), as part of a deal that also involves supplying 480,000 barrels per day of crude oil to the Chinese company.
On the other hand, China has been seeking to increase its presence in the Middle East.
Sinopec, the state refining giant, maintains a joint venture with Aramco to operate a refinery project in the industrial city of Yanbu, in Saudi Arabia, where the Yanbu Aramco Sinopec Refining Company, in operation since 2016, uses 400,000 barrels per day of heavy crude from Arabia for the production of premium fuels for transportation.
Hong Kong Rolls Out the Red Carpet for Saudi Elites at Investment Conference
In December, an event was held in Hong Kong attended by Saudi elites, demonstrating the deepening relations between the countries. Back in February 2023, the chief executive of the city, John Lee, traveled to Riyadh, where he met with the CEO of Aramco and discussed the possibility of a secondary listing in Hong Kong.
Aramco went public in Riyadh in 2019, in one of the largest IPOs in history.
Brazil Imported US$ 5.3 Billion from Saudi Arabia in 2022
Source: CNN Brazil
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