Saudi Aramco and Rongsheng Petrochemical Co. are exploring a joint venture to enhance Saudi-Chinese investments and advance Aramco’s liquids-to-chemicals strategy. The potential partnership involves the establishment of a joint venture in the Saudi Aramco Jubail Refinery Co. (SASREF), located in Jubail Industrial City. The facility processes crude oil into petroleum products with a capacity of 305,000 barrels per day.
Rongsheng recently signed a cooperation framework agreement to explore acquiring a 50% stake in SASREF and developing a liquids-to-chemicals expansion project. Additionally, the statement mentioned Aramco’s potential acquisition of a 50% stake in Rongsheng affiliate Ningbo Zhongjin Petrochemical Co. Aramco Downstream President Mohammed Y. Al-Qahtani expressed enthusiasm for the venture, highlighting the potential for advancing Aramco’s liquids-to-chemicals strategy and expanding its presence in key geographies.