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Saudi Aramco has signed a memorandum of understanding (MoU) to acquire a 9% stake in Zhejiang Petrochemical’s integrated refinery and petroleum distillates complex in Zhoushan, China.
The agreement was signed during Saudi Arabia’s Crown Prince Mohammed bin Salman’s state visit to China. It formalises a previously announced acquisition plan.
The company also signed two additional MoUs, one with Zhejiang Energy and the other with Rongsheng Petrochemical, Juhua Group, Tongkun Group and Zhejiang Petrochemical shareholders.
“The agreements demonstrate our commitment to the Chinese market and help enhance the strategic integration of our downstream network in Asia.”
The new agreements will help Saudi Aramco support its downstream presence in the Zhejiang province.
Saudi Aramco CEO Amin Nasser said: “The agreements demonstrate our commitment to the Chinese market and help enhance the strategic integration of our downstream network in Asia.
“They will further strengthen our relationship with China and the Zhejiang province, setting the stage for more cooperation in the future.”
Private chemical group Zhejiang Rongsheng Holding Group controls Zhejiang Petrochemical. The company is currently building an 800,000 barrel-per-day (bpd) capacity refinery and petrochemical complex in the province.
Phase I will feature a 400,000bpd capacity refinery with a 1.4mmtpa ethylene cracker unit and a 5.2mmtpa aromatics unit.
In the second phase, the capabilities of the refinery will be increased and the facility will achieve deeper levels of chemical integration.
Last month, Saudi Aramco signed an agreement with Axens and TechnipFMC to develop its catalytic crude-to-chemicals (CC2C) technology.
Source: Chemicals Technology
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