Title: "Rongsheng" and "Aramco" in Talks for Share Purchase Exchange

Chinese private petrochemical company "Rongsheng" announced today, Tuesday, that it is in talks with Saudi company "Aramco" for the Chinese company to purchase a 50 percent stake in Aramco's refining unit (Sasref). The Chinese company stated in a press release: "Rongsheng is also negotiating to sell up to a 50 percent stake in its Ningbo Zhongjin Petrochemical unit." According to the website of the Saudi Aramco refinery in Jubail (Sasref), which is located in the industrial city of Jubail, it processes crude oil and converts it into petroleum derivatives, with a production capacity of 305,000 barrels per day.