00:00 The Arabian American Oil Company, or Aramco, has bought a 10% share from the Chinese petrochemical sphere.
00:08 This is part of the Saudi-based energy giant's expansion efforts into the world's top crude importer.
00:15 Aramco announced its plans in March to acquire $3.4 billion worth of stake in Rongxing Petrochemical,
00:24 which requires a supply of 480,000 barrels of Saudi crude oil per day to an integrated refining and chemicals complex of a Rongxing affiliate.
00:35 Aramco sees this as a strategic partnership as a move to advance its liquids-to-chemicals strategy
00:42 while growing its presence in China and showcasing its importance as a reliable supplier of crude oil.
