Saudi Arabian Oil Co. (Aramco) is finding out the formation of a three way partnership, the Saudi Aramco Jubail Refinery Firm (SASREF), with Rongsheng Petrochemical Co. Ltd. (Rongsheng).
Aramco can also be exploring vital investments within the Saudi and Chinese language petrochemical sectors in partnership with Rongsheng, it stated in a information launch Saturday.
In response to Aramco, it lately inked a cooperation framework settlement that envisions Rongsheng’s potential acquisition of a 50 p.c stake in SASREF.
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Along with Aramco’s potential acquisition of a 50 p.c stake in Rongsheng affiliate Ningbo Zhongjin Petrochemical Co. Ltd. (ZJPC) and participation in ZJPC’s enlargement mission, the settlement additionally prepares for the event of a liquids-to-chemicals enlargement mission at SASREF, in response to the information launch.
“These discussions spotlight our ambition to advance our liquids-to-chemicals technique with strategic associate Rongsheng, each within the Kingdom of Saudi Arabia and China,” Mohammed Al Qahtani, Aramco Downstream President, stated. “In constructing on our present relationship, we goal to advance our enlargement in a key geography and appeal to new funding to the Saudi downstream sector”.
In response to the discharge, Aramco acquired a ten p.c curiosity in Rongsheng in July 2023 by means of its subsidiary Aramco Abroad Firm BV, which relies within the Netherlands. Rongsheng owns a 100% fairness curiosity in ZJPC, which operates an aromatics manufacturing advanced and has an curiosity in a three way partnership that produces purified terephthalic acid.
The SASREF web site notes that Saudi Aramco Jubail Refinery Firm is a Saudi firm wholly-owned by Saudi Aramco. The refinery is positioned in Jubail Industrial Metropolis. The refinery processes crude oil into petroleum merchandise for each native and worldwide markets. The manufacturing capability of the refinery is 305,000 barrels per day. The principle merchandise are liquefied petroleum gasoline (LPG), naphtha, kerosene, diesel, gasoline oil and sulfur.
In the meantime, Rongsheng relies in Hangzhou Metropolis, Zhejiang Province. The corporate has shaped an all-in-one business chain from refining-chemical, fragrant hydrocarbon, olefins to downstream pure terephthalic acid (PTA), MEG, polyester (PET, bottle chips, PET movies) and polyester yarn (POY, FDY, DTY), in response to the corporate’s web site.
In a separate report, Saudi Arabian Oil Co. (Aramco) is in talks for the potential acquisition of a ten p.c stake in China’s Hengli Petrochemical Co., Ltd. in a bid to develop its downstream phase. Hengli Petrochemical, a subsidiary of Hengli Group, owns and operates a 400,000-barrel-per-day refinery and built-in chemical substances advanced in Liaoning Province, in addition to a number of vegetation and manufacturing amenities within the Jiangsu and Guangdong Provinces.
“This MoU helps our efforts to develop our world downstream footprint,” Al Qahtani stated. “We proceed to discover new alternatives in essential markets, as we search to progress in our liquids-to-chemicals technique”.
”We stay up for forging new partnerships and are excited by the prospect of increasing our presence within the essential Chinese language market,” he added.
Hengli Petrochemical targets to change into one of many largest purified terephthalic acid (PTTA) manufacturing bases, in response to the corporate’s web site.
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