Aramco Invests Heavily in China's Rongsheng Petrochemical

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Researched by Industrial Info Resources (Sugar Land, Texas)--Rongsheng Petrochemical Company Limited (Beijing, China) recently announced it plans to transfer 10% of its shares to Aramco Overseas Company (AOC), a wholly owned subsidiary of Saudi Aramco (Dhahran, Saudi Arabia). Saudi Aramco is the world's largest oil company, producing about 12.5% of the world's crude oil.

The transaction is priced at 24.3 yuan (US$3.53) per share, for a total 24.6 billion yuan (US$3.58 billion).

Rongsheng Petrochemical specializes in various oil products, chemical products, and polyester products. The company owns the 40 million-ton-per-year Zhejiang Petrochemical refining and chemical project, which is one of the four major refining and chemical projects in China to be privately managed.

Industrial Info is tracking 39 active projects from Rongsheng Petrochemical, valued at more than US$10.4 billion, across China. All are located in the Zhejiang province. Subscribers to Industrial Info's Global Market Intelligence (GMI) Chemical Processing Project Database can click here for a list of detailed project reports, and click here for a list of related plant profiles.

Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).