Saudi Aramco, the world’s largest oil producer, is venturing into a joint venture with Chinese partner Rongsheng Petrochemical in the Saudi Aramco Jubail Refinery Company, aiming to invigorate investment in the downstream sector. In a cooperative move, both entities are eyeing substantial investments in the petrochemical industries of Saudi Arabia and China, as indicated by recent agreements and negotiations.

The envisaged partnership involves Rongsheng potentially acquiring a 50% stake in the Jubail refinery, marking a significant stride in refining assets investment, with ambitions to bolster liquids-to-chemicals strategies in both nations. If realized, this collaboration would signify the first major investment by a private Chinese firm in Saudi refining assets, underscoring Aramco's pursuit of global leadership in chemicals and integrated energy.