Rongsheng Petrochemical Co LtdRongsheng Petrochemical signs technology cooperation agreement with SABIC for advanced materials project, accelerating transformation to advanced materials enterprise.

Rongsheng Petrochemical, together with its wholly owned subsidiary Rongsheng New Materials, has signed a project development agreement with SABIC for a new project, aiming to accelerate the construction of the Rongsheng New Materials Jintang New Materials project in Zhoushan. Under the agreement, the two sides are evaluating a potential investment by SABIC to hold a 30 to 50 percent equity stake in Rongsheng New Materials for the purpose of the new project, and will sign a series of supporting agreements including a joint venture agreement, technology licensing agreement, and technical service agreement, to carry out comprehensive cooperation in relevant advanced technology fields. SABIC is a globally renowned diversified chemical company headquartered in Riyadh, Saudi Arabia, with products covering chemicals, general and high-performance plastics, and agri-nutrients. Rongsheng Petrochemical is a globally leading chemical materials company, mainly producing polyester, engineering plastics, polyolefins, rubber, and new energy materials. Market analysts pointed out that this in-depth cooperation in the high-end new materials sector marks Rongsheng Petrochemical's accelerated transformation from a traditional cyclical chemical company into an advanced materials enterprise with long-term growth logic.
Rongsheng Petrochemical Co LtdRongsheng Petrochemical signs technology cooperation agreement with SABIC for advanced materials project, accelerating transformation to advanced materials enterprise.
SABIC evaluates equity stake and technology licensing in Rongsheng New Materials project, expanding its advanced materials portfolio.