Rongsheng Petro Chemical announced that the company signed a Memorandum of Understanding with Saudi Aramco on January 2, 2024. Both parties are discussing Rongsheng Petro Chemical (or its affiliates) intending to acquire 50% equity of Saudi Aramco's wholly-owned subsidiary SASREF, and planning to increase production capacity, enhance product flexibility, complexity, and quality through expansion. At the same time, the two parties are also discussing a potential acquisition by Saudi Aramco (or its affiliates) of up to 50% equity in Rongsheng Petro Chemical's wholly-owned subsidiary Zhongjin Petrochemical, and jointly developing the existing facilities of Zhongjin Petrochemical for upgrades and expansion. On November 19, 2024, Rongsheng Petro Chemical and/or its wholly-owned subsidiary Rongsheng Petro Chemical (Singapore) Limited, Saudi Aramco and/or SASREF jointly signed a "Development Framework Agreement," which includes agreements on the establishment of a joint steering committee for the expansion project, formulation of various guidelines, and the conduct of future joint activities, aiming to provide efficient cooperation mechanisms and strong organizational support for the subsequent joint activities of the SASREF expansion project.