Saudi Aramco, a globally renowned energy and chemicals corporation, is considering the prospect of launching a collaborative venture at its Jazan refinery (“SASREF”) in partnership with Rongsheng Petrochemical Co., Ltd. (Rongsheng), a Chinese entity, and making substantial investments in the petrochemical industry in Saudi Arabia and China, in conjunction with Rongsheng.
Recently, Saudi Aramco inked a cooperation framework with Rongsheng, outlining the potential acquisition of a 50% stake in SASREF by Rongsheng.
This agreement also serves as the foundation for a project aimed at expanding the conversion of liquids into chemicals at SASREF, as well as the potential acquisition by Saudi Aramco of a 50% stake in Ningbo Zhongjin Petrochemicals Limited, a Rongsheng subsidiary, and participation in its expansion endeavors.
Mohammed bin Yahya Al-Qahtani, President of Refining, Chemicals, and Marketing at Saudi Aramco, elucidated that these discussions underscore Aramco’s aspirations to develop its liquid-to-chemicals conversion strategy alongside its strategic partner Rongsheng, spanning both Saudi Arabia and China. The objective is to bolster Aramco’s presence in a pivotal geographical area and attract fresh investments to the refining, chemicals, and marketing sector in Saudi Arabia.
