Saudi Aramco buys 10% stake in China's Rongsheng Petrochemical in $3.6-billion deal

Saudi Aramco, the world's biggest oil producer, signed agreement to acquire a 10% stake in China's Rongsheng Petrochemical in a $3.6-billion deal. Aramco would supply 480,000 barrels/day of Arabian crude oil to Rongsheng affiliate Zhejiang Petroleum and Chemical (ZPC) under long-term sales agreement. Aramco Overseas Company, a wholly-owned subsidiary of Aramco, will acquire interest in Rongsheng.