China's Rongsheng Petrochemical plans to sign an agreement to develop a project with Saudi Basic Industries Corporation (SABIC), aiming to advance the business of the "Jintang New Materials" project under its wholly-owned unit "Rongsheng New Materials".

The company disclosed in a filing on Wednesday that SABIC is considering investing in a stake ranging from 30% to 50% in the capital of Rongsheng New Materials, noting that the cooperation is still in its early stages and subject to due diligence and necessary government approvals, as reported by Reuters and China's QQ platform.

SABIC owns more than 5% of Rongsheng Petrochemical's shares, making the proposed transaction a related party transaction.

Rongsheng Petrochemical recorded revenues of 60.63 billion yuan (about $8.5 billion) in the first quarter of 2026, while net profit attributable to shareholders reached 2.82 billion yuan.

Advertisement material

Advertisement material