Recently, Rongsheng Petrochemical announced that the company and its wholly-owned subsidiary Rongsheng Petrochemical (Singapore) Co., Ltd. jointly signed the "Development Framework Agreement" with Saudi Aramco and SASREF, and agreed on the establishment of the joint steering committee for the expansion project, the formulation of several guidelines and the development of future joint activities, aiming to provide an efficient collaboration mechanism and strong organizational guarantee for the subsequent joint activities of the SASREF expansion project.

It is reported that the SASREF expansion project is located in the Jubail Industrial Zone on the Gulf coast of the Eastern Province of Saudi Arabia. It is one of the largest industrial cities in the world with complete industrial infrastructure and outstanding geographical advantages. The project plans to build a large steam cracking unit and integrate related downstream derivatives into the existing SASREF refinery, thereby enhancing its ability to meet the growing demand for high-quality petrochemical products.

Rongsheng Petrochemical said: "The signing of the development framework agreement provides a guarantee for Rongsheng Petrochemical to deeply participate in the SASREF expansion project. Saudi Arabia has abundant energy and strong market demand. Rongsheng Petrochemical will inject strong impetus into the cooperation between the two parties with its excellent operation and management capabilities and market competitiveness."