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Saudi Arabia’s state-owned oil giant Aramco will invest billions of dollars in China’s downstream petrochemicals industry, including the construction of a new refinery, the company said in deals announced Sunday and Monday.
The announcements came as the company posted a record profit of more than $160 billion in 2022 and as Saudi Arabia, a longtime U.S. ally, has developed closer ties with Beijing in recent years.
Aramco will acquire a 10% interest in China’s Rongsheng Petrochemical Co. Ltd,, a purchase valued at $3.
