Recently, Saudi Aramco announced that it has signed a development framework agreement with Rongsheng Petrochemical. The two parties are discussing two acquisition matters, namely Rongsheng Petrochemical's proposed acquisition of 50% of the equity of SASREF, a wholly-owned subsidiary of Saudi Aramco, and Saudi Aramco's potential acquisition of no more than 50% of the equity of Zhongjin Petrochemical, a wholly-owned subsidiary of Rongsheng Petrochemical.
In recent years, Saudi capital has frequently made large investments in China's downstream petrochemical industry. Amin Nasser, president of Saudi Aramco, said in a conference call at the beginning of the year: "China's oil demand is strong and growing, and the company is looking for opportunities to further invest in China."
