Aramco completes the purchase of 10% of Rongsheng Petrochemical for 3,056 million euros

MADRID, 21 Jul. (EUROPA PRESS) -

Aramco, the energy and chemical products company, has completed the purchase of 10% of Rongsheng Petrochemical for 3,400 million dollars (3,056 million euros), as reported by the Saudi company.

The operation, carried out after the final signing of the agreement between both parties on March 27, has been carried out through the subsidiary Aramco Overseas Company BV, based in the Netherlands.

According to Aramco's statement, this purchase embodies its commitment to grow in China and includes the supply of 480,000 barrels of Arab crude per day, which will go to the facilities of the Rongsheng subsidiary, Zhejiang Petroleum and Chemical Co. Ltd (ZPC).

The Chinese company owns a total participation in ZPC of 51%, whose complex has the capacity to process 800,000 barrels of crude oil per day and produce 4.2 million metric tons of ethylene per year, as indicated by the data offered by the company.

Aramco Chairman Mohammed Y. Al Qahtani has stated that this strategic partnership boosts its role in the sector, while increasing its presence in China and showing its relevance as a reliable supplier of crude oil.

For his part, the president of Rongsheng, Li Shuirong, has commented that the completion of this transaction marks the entry of both companies into a new era together and represents an important step in Rongsheng's internationalization strategy.