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Saudi Aramco increases its stake in China’s Downstream Value Chain - more to come?

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Saudi Aramco recently announced two major downstream deals to expand its presence in China. The company agreed to acquire a 10% interest in Rongsheng Petrochemical and planned to restart the construction of the Panjin integrated petrochemical plant through its HAPCO joint venture. The deals will see Saudi Aramco supply a total of up to 690 kb/d of crude over the long term to high chemical conversation assets. In this insight, we explore why it is a strategic move and do we expect more similar deals to emerge? What are the implications on the crude trade? We answer these questions with Wood Mackenzie's Crude Trade Service, Russia Waterborne Crude Service and REM-Chemicals service.

Table of contents

  • Announcement
  • Global crude trade
  • Security of offtake
  • What's next for Saudi Aramco?

Tables and charts

This report includes 4 images and tables including:

  • Figure 1: Regional crude oil exports, million b/d
  • Figure 2: 2022 Saudi Arabia crude exports, million b/d
  • Figure 3: Monthly Russian crude loading volumes, million b/d
  • Figure 4: 2021 China integrated refinery/petrochemical NCM profile, US$/bbl

What's included

This report contains:

  • Document

    Saudi Aramco increases its stake in China’s Downstream Value Chain - more to come?

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