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Rongsheng Petrochemical Evaluating Potential Investment by Aramco Arm in New Materials Project; Shares Rise 3%

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Rongsheng Petrochemical (SHE:002493) and its subsidiaries are evaluating a potential 30% to 50% investment by Saudi Basic Industries Corp., or SABIC, in the Jintang New Materials Project, according to a Friday filing with the Shanghai bourse.

SABIC will share in the project development costs that could total up to $200 million and will be included in the equity transfer price should SABIC confirm its investment.

SABIC is controlled by oil giant Saudi Aramco.

Shares of the petrochemical company rose 3% during the midday break on Friday.

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