Chinese independent Rongsheng Petrochemical and Saudi Aramco have signed a Memorandum of Understanding (MoU) to discuss acquiring stakes in each other’s subsidiaries. Rongsheng is a major importer of Middle East crude oil for its ZPC refining affiliate, and Aramco last year purchased a 10% stake in the firm (MEES, 21 July 2023).
Aramco has long sought to secure stakes in Chinese refining firms to firm up markets for its crude oil exports, and it also signed preliminary agreements last year for stakes in two additional refiners in the country (MEES, 13 October 2023). However, this week has shown that Aramco also sees considerable scope to further deepen its relationship with Rongsheng. (CONTINUED - 809 WORDS)
