May 02, 2024 [XM]- Saudi oil giant Aramco is exploring the formation of a joint venture in the Saudi Aramco Jubail Refinery Company (SASREF) with Chinese partner Rongsheng Petrochemicals, Aramco said in a statement on Saturday.

Aramco recently signed a cooperation framework agreement that envisions Rongsheng’s potential acquisition of a 50% stake in SASREF, it added.

“The agreement also lays the groundwork for the development of a liquids-to-chemicals expansion project at SASREF, in addition to Aramco’s potential acquisition of a 50% stake in Rongsheng affiliate Ningbo Zhongjin (ZJPC),” Aramco said.

Aramco acquired a 10% interest in Rongsheng in July 2023 through its subsidiary Aramco Overseas Company BV, based in the Netherlands.

Rongsheng in turn owns a 100% equity interest in ZJPC, which operates an aromatics production complex and has an interest in a joint venture that produces purified terephthalic acid.

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