Zhejiang Petrochemical to sell 10 percent stake in Rongsheng Petrochemical to Aramco

Chinese private refiner Zhejiang Petrochemical has agreed to sell 1 billion shares in its trading arm, Rongsheng Petrochemical, to Saudi Arabian Oil Company’s Unit, Rongsheng said on Monday.

Zhejiang Petrochemical will sell the Rongsheng shares, equating to a 10 percent stake, for 24.3 yuan ($3.53) each to Aramco Overseas Company B.V., Rongsheng said in a Shenzhen bourse filing.

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