shares of rongsheng petro chemical co soared tuesday after energy giant saudi arabian oil co agreed to acquire a 10 stake in the chinese refinery for 246 billion yuan 36 billion the stock jumped 10 the daily shareprice gain limit in china to cny1420 by the midday trading break that put the companys shares on track for their highest closing level in about six months and their best oneday percentage increase in over a year the rally came after the saudi oil giant commonly known as saudi aramco said monday that it signed definitive agreements for the deal in a bid to expand its downstream operations in china aramco will make the stake purchase through a wholly owned unit it said the transaction is expected to close by the end of 2023 and is subject to regulatory approvals the saudi company added in addition to the stake sale the two companies also signed a longterm sales agreement under which aramco would supply 480000 barrels per day of arabian crude oil to rongsheng affiliate zhejiang petroleum and chemical co ltd