BRIEF-Aramco To Acquire A 10% Interest In Rongsheng Petrochemical For $3.6 Bln

("RONGSHENG") FOR RMB 24.6 BILLION ($3.6 BILLION AT CURRENT EXCHANGE RATES) * THROUGH THE STRATEGIC ARRANGEMENT, ARAMCO WOULD SUPPLY 480,000 BARRELS PER DAY (BPD) OF ARABIAN CRUDE OIL TO RONGSHENG AFFILIATE ZHEJIANG PETROLEUM AND CHEMICAL CO.

SAUDI ARABIAN OIL CO: * ARAMCO TO EXPAND PRESENCE IN CHINA BY ACQUIRING 10% STAKE IN RONGSHENG PETROCHEMICAL

* DEAL INVOLVES PLACEMENT OF 480,000 BARRELS PER DAY OF CRUDE TO LARGEST INTEGRATED REFINING AND CHEMICALS COMPLEX IN CHINA * DEAL INVOLVES PLACEMENT OF 480,000 BARRELS PER DAY OF CRUDE TO THE LARGEST INTEGRATED REFINING AND CHEMICALS COMPLEX IN CHINA

* TO ACQUIRE A 10% INTEREST IN SHENZHEN-LISTED RONGSHENG PETROCHEMICAL CO. LTD. ("RONGSHENG") FOR RMB 24.6 BILLION ($3.6 BILLION AT CURRENT EXCHANGE RATES) * THROUGH THE STRATEGIC ARRANGEMENT, ARAMCO WOULD SUPPLY 480,000 BARRELS PER DAY (BPD) OF ARABIAN CRUDE OIL TO RONGSHENG AFFILIATE ZHEJIANG PETROLEUM AND CHEMICAL CO. LTD, UNDER A LONG-TERM SALES AGREEMENT

* ARAMCO OVERSEAS COMPANY (AOC) WILL ACQUIRE INTEREST IN RONGSHENG * THE TRANSACTION INVOLVES AN OFF-MARKET SECONDARY SALE OF RONGSHENG SHARES BY MAJORITY SHAREHOLDER ZHEJIANG RONGSHENG HOLDING GROUP

* THE TRANSACTION IS EXPECTED TO CLOSE BY THE END OF 2023, AND IS SUBJECT TO REGULATORY APPROVALS. * ARAMCO, WHICH HAS A 30% STAKE IN HAPCO, WILL SUPPLY UP TO 210,000 BPD OF CRUDE OIL FEEDSTOCK TO THE COMPLEX.

* COMBINED, PARTNERSHIP WITH RONGSHENG AND HAPCO JOINT VENTURE WOULD SEE ARAMCO SUPPLY A TOTAL OF 690,000 BPD OF CRUDE TO HIGH CHEMICAL CONVERSION ASSETS Source text for Eikon: Further company coverage:

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