Saudi Aramco to invest billions in Chinese petrochemicals

Saudi Arabia’s state-owned oil giant Aramco will invest billions of dollars in China’s downstream petrochemicals industry, including in the construction of a new refinery. The announcements on Sunday and Monday came days after the company posted a record profit of more than $160 billion in 2022. Aramco will acquire a 10% interest in China’s Rongsheng Petrochemical Co. Ltd,, a purchase valued at $3.6 billion. Under a long-term sales agreement, Aramco will supply 480,000 barrels per day to a Rongsheng affiliate that owns and operates China’s largest refining and chemicals complex. On Sunday, Aramco said it would build a new refinery and petrochemical complex in northeastern China through a joint venture.