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Saudi oil company Aramco said it has completed the acquisition of a 10% stake in Rongsheng Petrochemical, a leading Chinese petrochemical company. This transaction is part of an expansion strategy aimed at the world‘s largest importer of crude oil.
In detail, Aramco had previously outlined its plans in March, planning to acquire a major stake in Rongsheng Petrochemical, with an investment worth $3.4 billion. The deal includes the supply of 480,000 barrels of oil per day to an integrated refining and chemical complex owned by a subsidiary of Rongsheng.