围绕本轮合作，今年1月，荣盛石化首次公告《谅解备忘录》称，双方正在讨论荣盛石化(或其关联方)拟收购沙特阿美朱拜勒炼化公司(下称“SASREF”)的50%股权，并拟通过扩建增加产能。同时， 双方也正在讨论沙特阿美(或其关联方)对宁波中金石化有限公司(下称“中金石化”)不超过50%股权的潜在收购，并联合开发中金石化现有装置升级扩建、开发新建下游荣盛新材料(舟山)项目。① The two sides reached an agreement on the expansion of the Jubail Refining and Chemical Company; ② It took nearly 9 months to finalize details from the date the cooperation was announced; ③ Core details such as the overall investment scale and investment method have yet to be negotiated; ④ Saudi Arabia continues to increase its investment in China to promote its own energy transformation.
Financial Services Association, September 11 (Reporter Luo Yichen) The insider trading case, which was previously hotly discussed in the market, does not seem to have affected the cooperation between Rongsheng Petrochemical (002493.SZ) and Saudi Aramco. This evening, Rongsheng Petrochemical announced that the two sides signed the “Joint Development Agreement Framework Agreement” in Riyadh on September 11 to regulate the implementation of joint activities required for the Jubail Refining and Chemical Company's joint development and expansion project.
According to data, the ongoing cooperation between the two sides involves the acquisition of shares in the two companies and related project expansion matters, so the overall pace of cooperation is slow. Simply put, the two companies plan to acquire some of the shares in each other's subsidiaries. Through this form of cross-investment, the two companies will deepen the binding of interests and lay the foundation for further cooperation between the two sides at the business level.
Regarding this round of cooperation, in January of this year, Rongsheng Petrochemical announced the “Memorandum of Understanding” for the first time, stating that the two sides are discussing Rongsheng Petrochemical's plan to acquire 50% of Saudi Aramco Jubail Refining and Chemical Company (“SASREF”) and plan to increase production capacity through expansion. At the same time, the two sides are also discussing the potential acquisition of no more than 50% of the shares of Ningbo Zhongjin Petrochemical Co., Ltd. (“CICC”) by Saudi Aramco (or its affiliates), and jointly developing the upgrade and expansion of CICC's existing installations and the development of a new downstream Rongsheng New Materials (Zhoushan) project.
By April of this year, the two sides confirmed a 50% cross-investment and project expansion, and signed a “Cooperation Framework Agreement”. After determining the overall framework of cooperation, by September, the two sides had reached agreement on part of it, namely the expansion of the Jubail Refining and Chemical Company. As for core content such as investment amounts and cooperation methods that the market is concerned about, Rongsheng Petrochemical emphasized that subsequent agreements still need to prevail.
According to reports, behind Saudi Aramco's continued deepening cooperation with Rongsheng Petrochemical, Saudi Arabia is promoting its own energy transformation through a series of overseas investments. Among them, China is one of the important markets for overseas investment. At the same time as Rongsheng Petrochemical announced the latest progress in cooperation between the two sides, Saudi Aramco's acquisition of about 10% of Hengli Petrochemical (600346.SH)'s shares is also underway.
The market's focus is on whether Saudi Aramco's acquisition of shares in Hengli Petrochemical will repeat its mistakes. In 2023, Saudi Aramco took the lead in completing the acquisition of about 10% of Rongsheng Petrochemical's shares, with a transaction consideration of 24.30 yuan/share. Since then, Saudi Aramco's stock price has gone downhill. Saudi Aramco's investment was dubbed a “big loss” by many investors. Immediately after that, in August of this year, many people under Rongsheng Group, the parent company of Rongsheng Petrochemical, were revealed to have carried out insider trading through stock trading before and after this cooperation, once again drawing market attention to this investment.
