Saudi Aramco to invest billions in Chinese petrochemicals

[jgo]

Source: ABC News

Saudi Arabia's state-owned oil giant Aramco will invest billions of dollars in China's downstream petrochemicals industry, including the construction of a new refinery, the company said in deals announced Sunday and Monday.

The announcements came as the company posted a record profit of more than $160 billion in 2022 and as Saudi Arabia, a longtime U.S. ally, has developed closer ties with Beijing in recent years.

Aramco will acquire a 10% interest in China's Rongsheng Petrochemical Co. Ltd,, a purchase valued at $3.6 billion. Under a long-term sales agreement, Aramco will supply 480,000 barrels per day to Rongsheng affiliate Zhejiang Pettroleum and Chemical Co. Ltd., which owns and operates China's largest refining and chemicals complex.

Saudi Arabia has cultivated closer ties with both Russia and China in recent years. Earlier this month, Saudi Arabia and Iran agreed to restore diplomatic ties for the first time since 2016 in a deal brokered by Beijing even as Riyadh announced a massive contract to buy commercial planes from U.S. manufacturer Boeing.


Read more: https://abcnews.go.com/International/wireStory/saudi-aramco-invest-billions-chinese-petrochemicals-98149556

[Marthe48]

1. Are we seeing the new iteration of the Axis powers?

russia, china, s.a.? and their henchmen nations?

[Lonestarblue]

2. Looks like it. China has invested billions to gain power.

We don’t see much about their Belt and Road initiative, but Xi seems determined to overtake the US as the world’s economic leader. The alliance of China, Russia, Iran, and Saudi Arabia means nothing good for the rest of the world.

[Marthe48]

4. No

I can't help wondering what is is about human and individual rights and freedom that the strongman nations don't get. Always seems to be a struggle between good and evil. There are always bullies who want all of the money, all of the power, and all of the control. It might be possible with a different species, but there are too many humans who not only love rights and freedom, they consider it a gift to share with as many people as they can. OTOH, you can't have all the money,power and control and share it.

I imagine with that dynamic, the evil powers will fail, because all of the bad guys running those countries do want it all, and any alliance is just convenience in the plan each of the bad guys has to take all the money, power, and control the other bad guys have. No honor among the evil.

[Farmer-Rick]

3. So, we have 4 different types of economic systems joining together

We have a feudal system, working with a weird totalitarian Chinese socialism system, using traditional trading to play around with corporate capitalism. Now, all we need to add is slavery and communism and we would have them all.

But I'm sure both the totalitarian feudal and Chinese socialism systems have slavery in there somewhere.