Rongsheng Petrochemical: Subsidiary plans to invest 67.5 billion yuan to build Jintang New Materials Project, signs “Memorandum of Understanding” with Saudi Aramco

Rongsheng Petrochemical announced that its wholly-owned subsidiary plans to invest in the construction of the Jintang New Materials project, with a total expected investment of 67.5 billion yuan. This project aims to extend the downstream industrial chain of Zhejiang Petrochemical and Zhongjin Petrochemical. On the same day, the company also announced the signing of a "Memorandum of Understanding" with Saudi Aramco. The memorandum shows that the two parties are discussing the company's planned acquisition of a 50% stake in Saudi Aramco's Jubail Refinery Company, and the expansion of capacity, improvement of product flexibility, complexity, and quality through expansion. At the same time, the two parties are also discussing potential acquisitions of up to 50% of the shares of Ningbo Zhongjin Petrochemical Co., Ltd. by Saudi Aramco, and joint development of the upgrade and expansion of Zhongjin Petrochemical's existing facilities, as well as the development of the downstream Rongsheng New Material (Zhoushan) project.