Aramco was the world’s largest oil company and third most valuable company as of May 15, 2023. In March 2023, the company completed the acquisition of Valvoline Global Operations for $2.65 billion. It also acquired a 10% stake in Shenzhen-listed Rongsheng Petrochemical for $3.6 billion to expand its downstream presence in China. In April 2023, the Saudi government transferred 4% of Aramco’s shares to the kingdom's sovereign wealth fund's fully-owned subsidiary Sanabil Investments, while the state remains the largest shareholder, retaining 90.2%.