Saudi Aramco considers new investments in China

The delegation of the state oil company of Saudi Arabia held meetings with Chinese officials.

The visit of the Saudi Aramco delegation to Beijing took place this week. Representatives of Saudi Arabia met with Chinese officials to discuss possible options for developing cooperation, the Ministry of Commerce of the People’s Republic of China informs.

The ministry’s message also notes that the Chinese authorities declare the rapid modernization of the country’s economy, which provides great opportunities for international companies.

So, in July 2023, Saudi Aramco bought 10% of China’s Rongsheng Petrochemical, engaged in oil refining and petrochemicals, for $3.4 billion. At the same time, it was reported that Aramco was considering buying 10% in Shenghong Petrochemical.

It is obvious that the future assets of the Saudis in China will be subject to the same condition of mandatory supplies of crude oil from Saudi Arabia, which is valid for current ones.