Saudi Aramco plans increased investment in Chinese partner

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FILE PHOTO: A jetty for oil tankers is seen on Madae island, Kyaukpyu township, Rakhine state, Myanmar October 7, 2015. REUTERS/Soe Zeya Tun/File Photo

Aramco, a state-owned energy giant company in Saudi Arabia, plans to invest more in its Chinese partner, Rongsheng Petrochemical. 

A filing to the Shenzhen Stock Exchange on Wednesday reveals that Amaraco is discussing with Rongsheng Petrochemical to acquire up to 50% stake in the latter’s subsidiary, Ningbo Chongjin Petrochemical.

Concurrently, Rongsheng, a privately owned refiner in Hangzhou is exploring ways of getting a 50% share of Saudi Aramco Jubail Refinery Company, a refinery unit in Saudi stating a memorandum of agreement signed by both parties the day before. 

The companies are considering joining hands to improve and expand the equipment owned by the Chinese subsidiary which includes building  the Rongsheng New Materials (Zhoushan) project.  

 

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