SABIC to Acquire Stake in Rongsheng Subsidiary
Logo of Saudi Basic Industries Corporation - SABIC. SABIC signed an agreement with Rongsheng Petrochemical to acquire a stake between 30% and 50% in a unit of the Chinese company. According to Bloomberg, the investment concerns a new joint venture between SABIC and the new materials unit of Rongsheng Petrochemical. Zhejiang Petroleum and Chemical, a subsidiary of Rongsheng Petrochemical, also announced that it intends to invest 19.6 billion yuan in a new project.
SABIC intends to acquire a stake in a unit of Chinese company Rongsheng
Logo of Saudi Basic Industries Corporation - SABIC
SABIC signed an agreement with Rongsheng Petrochemical to acquire a stake between 30% and 50% in a unit of the Chinese company. According to Bloomberg, the investment concerns a new joint venture between SABIC and the new materials unit of Rongsheng Petrochemical. Zhejiang Petroleum and Chemical, a subsidiary of Rongsheng Petrochemical, also announced that it intends to invest 19.6 billion yuan in a new project.
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Original source: Argaam
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