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Aramco, Partners to Construct Major Refinery, Petrochemical Complex in China

Aramco expands its presence in China with 10% stake in Rongsheng Petrochemical Co

RIYADH: Global energy giant Saudi Arabian Oil Co. has further expanded its presence in China by acquiring a 10 percent stake in Shenzhen-listed Rongsheng Petrochemical Co. for $3.6 billion. According to a press release, Aramco will supply 480,000 barrels per day of Arabian crude oil to Rongsheng affiliate Zhejiang Petroleum and Chemical Co. under a long-term sales agreement.

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