Saudi Aramco is one of the world's largest integrated energy and chemicals companies. In June 2023, Aramco and TotalEnergies were awarded engineering, procurement, and construction contracts for the $11 billion Amiral complex. A month later, it purchased a 10% stake in Rongsheng Petrochemical for $3.4 billion. In January 2024, Aramco and Rongsheng Petrochemical announced their plans to buy stakes in each other’s units. In the same month, Aramco allocated an additional $4 billion to its global venture capital arm, Aramco Ventures, increasing its total investment allocation to $7 billion.