Saudi Aramco to acquire stake in China’s Zhejiang petrochemical project

Saudi Aramco has signed agreements to acquire a 9% stake in the Zhejiang petrochemical project in the Chinese province of Zhejiang for an undisclosed price The Zhejiang petrochemical project to be built in the city of Zhoushan is planned to have a capacity of 800,000 barrels per day. Saudi Aramco signed an agreement with the Zhoushan government to acquire its 9% stake in the refinery and petrochemical complex. The Arabian company has signed a second agreement with Rongsheng Petrochemical, Juhua Group, and Tongkun Group, the other shareholders of Zhejiang Petrochemical, the holding company of the Chinese petrochemical project. Saudi Aramco said that its involvement in the project will come with a long-term crude supply agreement and the ability to use Zhejiang Petrochemical’s large crude oil storage facility to cater to its customers in Asia.