Asianfin--Chinese petrochemical giant Rongsheng Petrochemical and its second-largest shareholder, Saudi Arabian Oil Company (Saudi Aramco), have agreed to jointly expand the Saudi Aramco Jubail Refinery (SASREF). The expansion project is designed to boost the production capacity, flexibility, complexity, and quality of the SASREF facilities, according to an announcement by Saudi Aramco. Details regarding the investment amount, partnership structure, and specific cooperation terms will be outlined in future agreements. On January 2, Rongsheng and Saudi Aramco signed a memorandum of understanding to explore the possibility of Rongsheng acquiring a 50% stake in SASREF. Additionally, the two companies announced plans to collaborate on a new 67.5 billion yuan (US$ 9.5 billion) facility in Zhoushan during the same month.