On the evening of September 11, Rongsheng Petrochemical announced that on January 2, 2024, the company signed a Memorandum of Understanding with Saudi Arabian Oil Company (Saudi Aramco). The memorandum shows that the two parties are discussing Rongsheng Petrochemical (or its affiliated party) intending to acquire 50% equity of SASREF, a wholly-owned subsidiary of Saudi Aramco, and intend to increase production capacity, improve product flexibility, complexity, and quality through expansion. At the same time, the two parties are also discussing the potential acquisition of not more than 50% equity of Ningbo Zhongjin Petrochemical Co., Ltd., a wholly-owned subsidiary of Rongsheng Petrochemical, by Saudi Aramco (or its affiliated party), and jointly develop the upgrading and expansion of the existing facilities of Zhongjin Petrochemical. The company and Saudi Aramco have reached a consensus on some matters and signed a framework agreement for the joint development agreement in Riyadh on September 11, 2024, to jointly promote the joint activities required for the joint development and expansion project of SASREF.