Saudi Aramco acquires 9% of the Zhejiang petrochemical complex (China)
Saudi Aramco and China’s Zhejiang Free Trade Zone have signed a Memorandum of Understanding (MoU) on Saudi Aramco's purchase of a 9% stake in the Zhejiang integrated refinery and petrochemical complex (China) which is owned by Zhejiang Petroleum & Chemical (ZPC), a joint venture between Rongsheng Holding Group, Juhua Group, Tongkun Group, and Zhoushan Marine Comprehensive Development Investment.
ZPC is currently constructing the Zhejiang refinery phase 1 and 2, each with a capacity of 400,000 bbl/d. The incorporation of Saudi Aramco to the consortium will solidify the development of the third phase of the project that plans to add another 400,000 bbl/d of capacity. The agreement also includes a long-term crude oil supply agreement and rights to use Zhejiang’s large crude oil storage facility to serve the Asian market demand.
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