Connection

popular articles

ExxonMobil Launches $75 Million Pipeline Project in Argentina
Fusion Fuel continues its Green Hydrogen Project in Toledo
Akuo launches participatory financing for its solar power plants in Greece
First phase of Suriname photovoltaic project delivered
South America: onshore wind capacity to double in 10 years

Saudi Aramco acquires 10% stake in Chinese petrochemical company

Aramco strengthens its position in the Chinese oil market with a key acquisition, finalizing the purchase of a 10% stake in Rongsheng Petrochemical, while the company aims to turn liquids into chemicals to support its long-term growth strategy and strengthen its presence in China, the world's largest crude-importing country.

Please share:

Saudi oil giant Aramco announced on Friday that it had finalized the acquisition of a 10% stake in a Chinese petrochemical company, as part of an expansion into the world’s largest crude-importing country.

Aramco strengthens its position in the Chinese oil market with a key acquisition

In March, Aramco revealed its intention to acquire a 10% stake in Rongsheng Petrochemical, worth $3.4 billion. The agreement provides for the supply of 480,000 barrels per day of oil to an integrated refining and chemical complex owned by a subsidiary of Rongsheng.

“Our strategic partnership with Rongsheng advances Aramco’s strategy to transform liquids into chemicals while strengthening our presence in China,” said Aramco Vice President Mohammed Al Qahtani in a statement.

“This key acquisition is an important part of Aramco’s long-term growth strategy, strengthening our presence in a vital market,” he added.

Rongsheng Chairman Li Shuirong said the agreement marked “the entry of Rongsheng and Aramco into a new era, together” and signified “an important step forward in Rongsheng’s internationalization strategy”.

China is Saudi Arabia’s biggest oil customer. Aramco, which is mainly state-owned, had announced record profits of $161.1 billion for 2022.

Register free of charge for uninterrupted access.

Publicite

Latest news

The Czech Republic aims for 68% nuclear electricity by 2040
The United States lifts 200 restrictions on Indian nuclear entities
Senegal: Sangomar Exceeds Oil Production Targets for 2024
Nigeria aims for a 140% increase with Seplat Energy
Mauritania secures 27 million dollars to develop its energy sector

Recently published in

Senegal: Sangomar Exceeds Oil Production Targets for 2024

The offshore oil field Sangomar, operational since June 2024, has surpassed its annual forecasts with 16.9 million barrels produced, strengthening Senegal's strategic energy position.
Nigeria aims for a 140% increase with Seplat Energy
Nigeria is relying on Seplat Energy to triple its crude oil production to 120,000 barrels per day by June 2025, leveraging strategic assets and unused wells.
en_11401194540
Nigeria aims for a 140% increase with Seplat Energy
Nigeria is relying on Seplat Energy to triple its crude oil production to 120,000 barrels per day by June 2025, leveraging strategic assets and unused wells.
en_11401194540
United States: Crude Oil Stockpiles Decrease Less Than Expected
Crude oil stockpiles in the United States decreased by one million barrels last week, a figure lower than expected, due to a drop in exports despite intensified refining activities.
en_11401198540
United States: Crude Oil Stockpiles Decrease Less Than Expected
Crude oil stockpiles in the United States decreased by one million barrels last week, a figure lower than expected, due to a drop in exports despite intensified refining activities.
en_11401198540
Nigeria: Warri Refinery Restarts Operations After Eight Years of Inactivity
After eight years of inactivity, the Warri refinery in Nigeria resumes operations. This marks a significant step in the country's efforts to rehabilitate its energy infrastructure and strengthen domestic fuel supply.
en_11401184540
Nigeria: Warri Refinery Restarts Operations After Eight Years of Inactivity
After eight years of inactivity, the Warri refinery in Nigeria resumes operations. This marks a significant step in the country's efforts to rehabilitate its energy infrastructure and strengthen domestic fuel supply.
en_11401184540

Kimbell acquires $231 million in mining interests in Texas’ Midland Basin

Kimbell Royalty Partners completes a major $231 million transaction, strengthening its strategic presence in the Midland Basin with assets located under the historic Mabee Ranch.
Laredo Oil to Drill Three Exploratory Wells in the West Fork Field, Montana
Laredo Oil begins exploratory drilling in the West Fork field, Montana, with $7.5 million in funding to evaluate production potential equivalent to 7.5 million barrels.
en_11401171540
Laredo Oil to Drill Three Exploratory Wells in the West Fork Field, Montana
Laredo Oil begins exploratory drilling in the West Fork field, Montana, with $7.5 million in funding to evaluate production potential equivalent to 7.5 million barrels.
en_11401171540
LLOG Exploration revamps an oil unit in Texas with a 60,000-barrel daily capacity
LLOG Exploration completes the renovation of a floating oil production unit in Texas, targeting production of 60,000 barrels of oil per day and 40 million cubic feet of natural gas by mid-2025.
en_11401166540
LLOG Exploration revamps an oil unit in Texas with a 60,000-barrel daily capacity
LLOG Exploration completes the renovation of a floating oil production unit in Texas, targeting production of 60,000 barrels of oil per day and 40 million cubic feet of natural gas by mid-2025.
en_11401166540
Brazil attracts 40 billion BRL in investments through Petro-Victory and Blue Oak
Petro-Victory and Blue Oak form a strategic alliance to seize opportunities in the oil and gas sector, with an investment vehicle set to transform Brazil's energy market.
en_11401173540
Brazil attracts 40 billion BRL in investments through Petro-Victory and Blue Oak
Petro-Victory and Blue Oak form a strategic alliance to seize opportunities in the oil and gas sector, with an investment vehicle set to transform Brazil's energy market.
en_11401173540

South Sudan Revives Dar Petroleum Operations with 90,000 Barrels per Day

South Sudan announces the resumption of oil production in blocks 3 and 7, operated by Dar Petroleum, targeting 90,000 barrels per day after a year of disruption caused by armed conflict.
India and Hindustan Petroleum increase refining capacity to 309 million tons by 2028
India, supported by Hindustan Petroleum and other major players, aims for a refining capacity of 309 million tons per year by 2028, meeting growing demand for petroleum products and boosting exports.
en_11401150540
India and Hindustan Petroleum increase refining capacity to 309 million tons by 2028
India, supported by Hindustan Petroleum and other major players, aims for a refining capacity of 309 million tons per year by 2028, meeting growing demand for petroleum products and boosting exports.
en_11401150540
Perenco’s Strategy in the Congo to Reach 100,000 Barrels per Day
With a current production of 80,000 barrels per day, Perenco aims to increase this figure to 100,000 through the optimization of the offshore Émeraude field, despite complex geological challenges.
en_11401161540
Perenco’s Strategy in the Congo to Reach 100,000 Barrels per Day
With a current production of 80,000 barrels per day, Perenco aims to increase this figure to 100,000 through the optimization of the offshore Émeraude field, despite complex geological challenges.
en_11401161540
Russia Faces a 9,200-Ton Oil Spill in Sevastopol
The sinking of two Russian oil tankers caused an unprecedented 9,200-ton oil spill impacting the Kerch Strait and Sevastopol. This crisis highlights significant technological challenges and geopolitical tensions in the region.
en_11401120540
Russia Faces a 9,200-Ton Oil Spill in Sevastopol
The sinking of two Russian oil tankers caused an unprecedented 9,200-ton oil spill impacting the Kerch Strait and Sevastopol. This crisis highlights significant technological challenges and geopolitical tensions in the region.
en_11401120540

The United States anticipates a 1.97% increase in oil prices amid freezing conditions

Oil and gas prices rise as an arctic cold wave threatens production in Texas, a key player in the U.S. energy market.
The United States Records a Limited Decrease of 1.2 Million Barrels in Oil Stocks
U.S. commercial oil reserves dropped by 1.2 million barrels, a figure below market expectations, in a context marked by rising exports and declining demand.
en_11401116540
The United States Records a Limited Decrease of 1.2 Million Barrels in Oil Stocks
U.S. commercial oil reserves dropped by 1.2 million barrels, a figure below market expectations, in a context marked by rising exports and declining demand.
en_11401116540
Russia Alerts on 73,000 Tons of Contaminated Sand After a Shipwreck in Crimea
The oil spill in the Kerch Strait caused by the shipwreck of two Russian tankers has contaminated 73,000 tons of sand, raising concerns about the costs and environmental impact in Russia and Crimea.
en_11401102540
Russia Alerts on 73,000 Tons of Contaminated Sand After a Shipwreck in Crimea
The oil spill in the Kerch Strait caused by the shipwreck of two Russian tankers has contaminated 73,000 tons of sand, raising concerns about the costs and environmental impact in Russia and Crimea.
en_11401102540
Nigeria: The Central Bank Questions Feasibility of 2 Million Barrels Per Day Target
The Central Bank of Nigeria casts doubt on the 2 million bpd production target, citing outdated infrastructure and operational inefficiencies despite recent government reforms.
en_11401101540
Nigeria: The Central Bank Questions Feasibility of 2 Million Barrels Per Day Target
The Central Bank of Nigeria casts doubt on the 2 million bpd production target, citing outdated infrastructure and operational inefficiencies despite recent government reforms.
en_11401101540

CNOOC develops an oil field with a capacity of 13,600 barrels per day

A strategic project in the South China Sea aims to optimize the Panyu oilfields with unmanned platforms and intelligent technologies, supporting the region’s energy ambitions.
The South Sudan Oil Revival: Balancing Economic Hopes and Logistical Challenges
South Sudan plans to revive its oil production, critical for its economy, despite challenges related to damaged infrastructure and ongoing tensions with Sudan.
en_11401077540
The South Sudan Oil Revival: Balancing Economic Hopes and Logistical Challenges
South Sudan plans to revive its oil production, critical for its economy, despite challenges related to damaged infrastructure and ongoing tensions with Sudan.
en_11401077540
Algeria Strengthens Partnership with Sinopec on $3.12 Million Projects
Algeria and Sinopec consolidate their economic and environmental cooperation with a $3.12 million investment dedicated to safety and sustainability in the oil sector.
en_11401079540
Algeria Strengthens Partnership with Sinopec on $3.12 Million Projects
Algeria and Sinopec consolidate their economic and environmental cooperation with a $3.12 million investment dedicated to safety and sustainability in the oil sector.
en_11401079540
Ecopetrol acquires 45% of Repsol in block CPO-09 for 41 million barrels
Ecopetrol finalizes the purchase of Repsol's 45% stake in the CPO-09 oil block, adding 41 million barrels to its reserves and strengthening its strategic position in the Llanos Orientales basin.
en_11401085540
Ecopetrol acquires 45% of Repsol in block CPO-09 for 41 million barrels
Ecopetrol finalizes the purchase of Repsol's 45% stake in the CPO-09 oil block, adding 41 million barrels to its reserves and strengthening its strategic position in the Llanos Orientales basin.
en_11401085540

Germany Suspends 20% of Kazakh Oil Imports After Pipeline Disruption in Poland

The disruption on the Druzhba pipeline, connecting Poland to Germany, halts 20% of Germany’s Kazakh oil supply, with a resumption expected by year-end.
OPEC+ Faces Uncertainty: Geopolitics and Oil Market Challenges in 2025
Amid geopolitical volatility and oversupply, OPEC+ must navigate critical decisions to stabilize oil prices while preserving market share against hesitant demand.
en_11401022540
OPEC+ Faces Uncertainty: Geopolitics and Oil Market Challenges in 2025
Amid geopolitical volatility and oversupply, OPEC+ must navigate critical decisions to stabilize oil prices while preserving market share against hesitant demand.
en_11401022540
China increases oil production with 9,700 barrels per day in the Bohai Bay
CNOOC initiates a new oil project in Bohai Bay, targeting a maximum production of 9,700 barrels per day by 2026, leveraging existing infrastructure to reduce costs and improve efficiency.
en_1140998540
China increases oil production with 9,700 barrels per day in the Bohai Bay
CNOOC initiates a new oil project in Bohai Bay, targeting a maximum production of 9,700 barrels per day by 2026, leveraging existing infrastructure to reduce costs and improve efficiency.
en_1140998540
ExxonMobil Guyana Finalizes a 535 Million USD Acquisition for an FPSO in Guyana
ExxonMobil Guyana completes the purchase of the FPSO Liza Destiny from SBM Offshore for 535 million USD, strengthening its strategy in the oil industry in Guyana.
en_1140989540
ExxonMobil Guyana Finalizes a 535 Million USD Acquisition for an FPSO in Guyana
ExxonMobil Guyana completes the purchase of the FPSO Liza Destiny from SBM Offshore for 535 million USD, strengthening its strategy in the oil industry in Guyana.
en_1140989540

Advertising

LEGAL

FOSSILS

POLICY

RENEWABLE

PLUS

VERVANT

Welcome

Your subscription

Included in this subscription:

COMMUNICATE ON ENERGYNEWS