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Saudi media: Saudi Aramco holds a 10% stake in Sinopec

March 31, 2023

On Mar 27th, Saudi oil giant Saudi Aramco revealed that it intends to acquire a 10 percent stake in a Chinese petrochemical company, proving its "long-term commitment to China".Aramco will supply about 480,000 barrels of oil per day to Rongsheng "under a long-term sales agreement," the statement said.

"This announcement demonstrates Saudi Aramco's long-term commitment to China and its confidence in the pillar industry of China's petrochemical industry," said Mohammed Y.Al Qahtani, vice president of Aramco."This is an important acquisition for Saudi Aramco in a key market, and it also helps ensure a reliable supply of oil to one of China's most important refineries," he said.

Aramco's stake comes a day after it announced it would join two Chinese companies in building a refinery and a petrochemical plant in Panjin city in northeastern China.And Aramco assured that the oil infrastructure "should be fully operational by 2026."

At the China Development Forum in Beijing on Sunday, Saudi Aramco's CEO Amin H.Nasser said his company was "doubling China's energy supply." According to a press release issued on the Riyadh Stock Exchange ,the company which is largely owned by the Saudi government, posted a net profit of $161.1 billion last year, up 46 percent from the previous year. It was Aramco's highest profit since it listed 1.7 percent of its shares on the Saudi stock exchange in Dec 2019.

Aramco has set a goal of reducing greenhouse gas emissions at its industrial sites to net zero by 2050, the target that does not take into account emissions generated by Saudi oil consumers abroad.