Source：Current Affairs Report, No. 6, 2023

Abstract：At the beginning of 2023, Saudi Aramco, the world's largest petrochemical company, invested heavily in China, setting up a joint venture with North Industries Group and Panjin Xincheng Industrial Group in Panjin City, Liaoning Province - Huajin Aramco Petrochemical Co. Ltd. in Panjin City, Liaoning Province, with North Industries Group and Panjin Xincheng Industrial Group, to cooperate in the construction of large-scale integrated refining and chemical plants, with a total investment of US$10 billion. Saudi Aramco then announced a RMB 24.6 billion investment to acquire a 10% stake in Rongsheng Petrochemical, a leading refining and chemical company in Zhejiang Province. Saudi Aramco also signed a non-binding memorandum of cooperation with the Guangdong Provincial People's Government, aiming to help Guangdong develop a modern and sustainable petrochemical industry.