Saudi Arabia's Aramco completed its $3.4 billion purchase of Rongsheng Petrochemical stake.
Armco will supply Zhejiang Petroleum and Chemical Co. Ltd. 480,000 bbl/d of crude oil in a long-term sales agreement.
The transaction represents continued growth of Aramco's downstream presence in China.
Armco purchased 10% interest in Rongsheng through its subsidiary Armco Overseas Co. BV, based in the Netherlands.
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