Rongsheng Petrochemical, one of the biggest private-owned refineries in China, sold a 10 percent stake to the world’s largest crude oil producer Saudi Aramco for 24.6 billion yuan (US$3.6 billion), the company said in a Shenzhen Stock Exchange filing on Monday.
The deal includes the supply of 480,000 bpd of crude oil to Rongsheng-controlled Zhejiang Petrochemical Corp (ZPC) for 20 years, Aramco said.
