Saudi Aramco, the world’s largest oil-exporting company, has closed a deal to acquire a 10 per cent stake in Shenzhen-listed Rongsheng Petrochemical for $3.4 billion.
Under the terms of the deal, Aramco will supply 480,000 barrels per day of Arabian crude oil to Rongsheng affiliate Zhejiang Petroleum and Chemical Co (ZPC) under a long-term sales agreement, the company said on Friday.
“Our strategic partnership with Rongsheng advances Aramco’s liquids-to-chemicals strategy while growing our presence in China, and showcases our importance as a reliable supplier of crude oil,” said Mohammed Al Qahtani, Aramco's downstream president.
“This key acquisition is an important part of Aramco’s long-term growth strategy, expanding our presence in a vital market.”
Aramco has increasingly looked at refining and petrochemical investments in China, the world's biggest consumer of oil.
Rongsheng owns a 51 per cent equity stake in ZPC, whose refining and chemicals complex can process up to 800,000 bpd of crude oil and produce 4.2 million metric tonnes of ethylene per year.
China’s crude imports hit a record 16 million bpd in March as its economy continued to recover following the lifting of Covid-19 restrictions earlier this year, the International Energy Agency said in its April oil market report.
The Asian country was the largest importer of oil from Saudi Arabia last year, buying about 1.75 million bpd.
In December, Aramco and the China Petroleum and Chemical Corporation, better known as Sinopec, signed an initial agreement to build a refinery and a petrochemical plant in the world's second-largest economy.
The 320,000-bpd refinery and 1.5 million tonne-per-year petrochemical cracker complex will be operational by the end of 2025.
Aramco is looking for investment opportunities in India amid a surge in crude demand in the South Asian country, Amin Nasser, the company’s president and chief executive, said during an event this month.
In terms of crude imports, both China and India – two large oil-consuming countries – have surpassed pre-coronavirus levels, Mr Nasser said.
“The completion of this transaction marks the entry of Rongsheng and Aramco into a new era together, and also signifies an important step forward in Rongsheng's internationalisation strategy,” said Rongsheng chairman Li Shuirong.
China’s gross domestic product expanded by an annual 6.3 per cent from April to June, after growing by 4.5 per cent in the previous three months, according to the National Bureau of Statistics.
However, the pace of growth in the second quarter missed the 7.1 per cent estimate of economists polled by Bloomberg and the 7.3 per cent forecast of those surveyed by Reuters.
Aramco said in March that construction of a major integrated refinery and petrochemical complex in China would begin in the second quarter of this year.
The project was announced last year and the Huajin Aramco Petrochemical Company is developing the complex that can process 300,000 bpd of oil and a petrochemical plant capable of producing 1.65 million tonnes of ethylene and two million tonnes of paraxylene a year.
Aramco will supply up to 210,000 bpd of crude oil to the plant, which is being built in China’s Liaoning province. It is expected to be fully operational by 2026.
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The Lost Letters of William Woolf
Helen Cullen, Graydon House
RECORD%20BREAKER
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In Praise of Zayed
A thousand grains of Sand whirl in the sky
To mark the journey of one passer-by
If then a Cavalcade disturbs the scene,
Shall such grains sing before they start to fly?
What man of Honour, and to Honour bred
Will fear to go wherever Truth has led?
For though a Thousand urge him to retreat
He'll laugh, until such counsellors have fled.
Stands always One, defiant and alone
Against the Many, when all Hope has flown.
Then comes the Test; and only then the time
Of reckoning what each can call his own.
History will not forget: that one small Seed
Sufficed to tip the Scales in time of need.
More than a debt, the Emirates owe to Zayed
Their very Souls, from outside influence freed.
No praise from Roderic can increase his Fame.
Steadfastness was the Essence of his name.
The changing years grow Gardens in the Sand
And build new Roads to Sand which stays the same.
But Hearts are not rebuilt, nor Seed resown.
What was, remains, essentially Alone.
Until the Golden Messenger, all-wise,
Calls out: "Come now, my Friend!" - and All is known
- Roderic Fenwick Owen
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
SPECS
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Test series fixtures
(All matches start at 2pm UAE)
1st Test Lord's, London from Thursday to Monday
2nd Test Nottingham from July 14-18
3rd Test The Oval, London from July 27-31
4th Test Manchester from August 4-8
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
COMPANY%20PROFILE%20
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Company Profile
Company name: Fine Diner
Started: March, 2020
Co-founders: Sami Elayan, Saed Elayan and Zaid Azzouka
Based: Dubai
Industry: Technology and food delivery
Initial investment: Dh75,000
Investor: Dtec Startupbootcamp
Future plan: Looking to raise $400,000
Total sales: Over 1,000 deliveries in three months
UAE currency: the story behind the money in your pockets
BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Porsche Macan T: The Specs
Engine: 2.0-litre 4-cyl turbo
Power: 265hp from 5,000-6,500rpm
Torque: 400Nm from 1,800-4,500rpm
Transmission: 7-speed dual-clutch auto
Speed: 0-100kph in 6.2sec
Top speed: 232kph
Fuel consumption: 10.7L/100km
On sale: May or June
Price: From Dh259,900
'Saand Ki Aankh'
Produced by: Reliance Entertainment with Chalk and Cheese Films
Director: Tushar Hiranandani
Cast: Taapsee Pannu, Bhumi Pednekar, Prakash Jha, Vineet Singh
Rating: 3.5/5 stars
Global state-owned investor ranking by size
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United States
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China
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3.
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UAE
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4.
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Japan
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5
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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UAE currency: the story behind the money in your pockets
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
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