The greatest oil producer in the world intends to move farther into China
As it increases its presence in China, the world's biggest integrated oil and gas corporation, Aramco, a Saudi energy powerhouse, intends to increase its investment in the Chinese partner.
In a report to the Shenzhen Stock Exchange on Wednesday, Aramco claimed that it is in discussions with Rongsheng Petrochemical to purchase up to 50% of the latter's subsidiary, Ningbo Chongjin Petrochemical.
Citing a memorandum of understanding the two parties had signed the day before, Rongsheng, a privately held refiner with headquarters in Hangzhou, stated that it is also considering the prospect of acquiring a 50% share in Saudi Aramco Jubail Refinery Company, the Saudi company's refining subsidiary.
According to Rongsheng, the businesses might also work together to develop the enormous Rong...