Saudi Aramco Completed a 10% Interest in China’s Rongsheng Petrochemical Co. Ltd 

On July 21, 2023, Saudi Aramco, Saudi Arabia’s state-owned oil giant, completed a transaction to acquire a 10% interest in China’s Rongsheng Petrochemical Co. Ltd, valued at $3.6 billion through its subsidiary Aramco Overseas Company BV, based in the Netherlands. The deal was sealed following the signing of strategic agreements between China and Saudi Arabia on March, 2023. It represented the continued growth of Aramco’s downstream presence in China. According to the agreement, Saudi Aramco will supply 480,000 barrels per day of Arabian Crude to the largest Chinese integrated refining and chemicals complex, which is owned by Rongsheng Affiliate Zhejiang Petroleum and Chemicals Co. .

    Both parties made some nice comments.  Mohammed Y. Al Qahtani, Aramco Downstream President, commented: “Our strategic partnership with Rongsheng advances Aramco’s liquids to chemicals strategy while growing our presence in China and showcases our importance as a reliable supplier of crude oil. This key acquisition is an important part of Aramco’s long-term growth strategy, expanding our presence in a vital market.” Li Shuirong, Chairman of Rongsheng, also made some positive comments: “The completion of this transaction marks the entry of Rongsheng and Aramco into a new era together, and also signifies an important step forward in Rongsheng's internationalization strategy.”

      According to Brand Value(China) Network, Rongsheng Petrochemical CO., LTD. is a Hangzhou-based,privately-controlled company principally engaged in the research, development, manufacture and distribution of chemicals and chemical fibers. The Company’s main products include aromatics, phosphotungstic acid (PTA), polyethylene terephthalate (PET) chips, terylene pre-oriented yarns (POYs), terylene fully drawn yarns (FDYs) and terylene draw textured yarns (DTYs), among others. The Company distributes its products in domestic market and to overseas markets. The company is located in Yinong Town, Xiaoshan District, Hangzhou near Xiaoshan Airport and China Light Textile City. Its predecessor is Rongsheng Chemical Fiber Co.,Ltd., established in 1995. It topped the list of fiber enterprises in China, is one of China’s top 500 enterprises and Zhejiang’s top 100 enterprises.

       According to Brand Value (China) Network, Saudi Aramco is a Saudi Arabian public petroleum and natural gas company based in Dhahran. As of 2022, it is one of the largest companies in the world by revenue and has achieved the largest annual profits in the world many times. Saudi Aramco has both the world’s second-largest proven crude oil reserves, at more than 270 billion barrels and largest daily oil production of all oil-producing companies. In March 26, 2023, CEO Amin Nasser made an offical announcement after his visit to Beijing. According to his announcement,  Aramco will start construction a major integrated refinery and petrochemical complex in northeast China, which Aramco has a 30% interest. The complex, which will receive 210,000 barrels per day of crude from Aramco, is expected to be fully operational by 2026. Based China Brand Value Evaluation Standard, Saudi Aramco is an oil colossus wholly owned by Saudi Arabia and will continue to be on the “ China Brand Value World Top 900”.

     On the ranking of “The 3rd Daguan·Keweiwei World Brand Value Top 900” released on March 18, 2023, Aramco’s brand value was 1452.677 billion RMB, ranking the 5th.

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作者：杨瑞安