On March 19, the internationally renowned legal magazine "China Business Law Journal" announced the results of the 2023 "Deals of the Year" selection. With its outstanding professional capabilities and excellent market performance, the transaction "Saudi Aramco's 24.6 billion RMB investment in Rongsheng Petrochemical" in which T&C acted as the leading counsel for Rongsheng Petrochemical was enlisted as one of annual outstanding M&A transactions.

Overview: Saudi Aramco, the state-owned oil company of Saudi Arabia, through its wholly-owned subsidiary Aramco Overseas, acquired 10% of the equity of the Shenzhen Stock Exchange-listed company Rongsheng Petrochemical with 24.6 billion RMB. Through a long-term sales agreement, it will supply 480,000 barrels of crude oil daily to Zhejiang Petrochemical, which is controlled by Rongsheng Petrochemical. Zhejiang Petrochemical has the largest integrated refining and chemical facility in China.

Project team members: Management partner Sun Li, senior lawyers Wang Qi, lawyers Luo Xujie, Wu Tianyi, Wang Jiangxue.

Project team advisor expert: Professor Weng Guomin. 

Highlights: The strategic cooperation between the two parties in this transaction has attracted high attention from capital markets and the energy and chemical industries worldwide. As the legal advisor of Rongsheng Holding and one of the special legal advisors for this project, T&C Law Firm has provided legal services throughout this transaction, including drafting, review, and negotiation of transaction documents, leveraging its outstanding professional capabilities and rich practical experience in investment and mergers and acquisitions transactions. T&C Law Firm demonstrated a high level of professionalism and ability to handle highly complex commercial transactions in this transaction, winning high praise from all parties.