Aramco said in a statement that the deal stipulates the supply of 480,000 barrels per day of Arab crude oil “under a long-term sales agreement” with Rongsheng.
“This announcement reflects Aramco’s long-term commitment to China and confidence in the fundamentals of the Chinese petrochemicals sector,” said Mohammed Al Qahtani, Vice President of Aramco.
“This is an important acquisition for Aramco in a key market, supporting our growth ambitions and advancing our liquids to chemicals strategy. It will provide one of China’s most important refiners with a reliable supply of essential crude oil. also promises to ensure
News of the Rongsheng deal comes a day after Aramco announced it would partner with two other Chinese companies to build a refinery and petrochemical plant in the northeastern Chinese city of Panjin.
The facility is “expected to be fully operational by 2026”, Aramco said in a statement.