AFP reports Aramco’s purchase of 10% of a Chinese petrochemical company
Aramco, the giant Saudi Arabian energy company, has announced its plan to purchase a 10% stake in a Chinese petrochemical company.
According to AFP, Aramco described this plan as a sign of its long-term commitment to China.
The agreement with Rongsheng Petrochemical Company comes after Iran and Saudi Arabia, with China’s mediation, agreed to pursue the normalization of relations after seven years.
Aramco stated in a declaration that this deal includes the supply of 480,000 barrels per day of Saudi Arabian crude oil under a long-term sales agreement with Rongsheng. Mohammed Al-Qahtani, Aramco’s vice president, told AFP that this announcement demonstrates Aramco’s long-term commitment to China and confidence in the fundamentals of China’s petrochemical sector.