Baltic Alliance and Baltic Nafta Trading Company Sign Development Framework Agreement with Rongsheng Petrochemical for Riga Expansion Project
Baltic Alliance today announced that, together with its key affiliate Baltic Nafta Trading Company, it has signed a development framework agreement with leading Chinese industrial group Rongsheng Petrochemical. The agreement was formalized at a special signing event held in Beijing and marks an important step toward the expansion of a strategically significant refining and petrochemical facility in Riga, Latvia.
The tripartite agreement establishes the cooperation framework and planning mechanisms for the design and development of the project. It reflects a shared commitment to expanding refining and petrochemical capabilities while strengthening international industrial collaboration between European and Asian partners.
The expansion project is located within Riga Industrial City, close to a major oil products transhipment and storage hub on the Baltic Sea coast. The site benefits from well-developed transport and logistics infrastructure, access to international shipping routes, and Riga’s strategic geographical position as a gateway between Northern Europe and global markets.
Currently in the Pre-Front End Engineering Design (PreFEED) stage, the project envisages the construction of large-scale steam crackers and the integration of downstream derivative units into the existing industrial complex. Once developed, the expanded facility is expected to significantly enhance production capacity and product flexibility, enabling the supply of high-quality petrochemical products to meet growing regional and international demand.
This agreement represents a key milestone in the development of our Riga petrochemical platform,” Baltic Alliance said. “By combining Baltic Alliance’s regional expertise with Rongsheng Petrochemical’s technical and industrial capabilities, we aim to create a world-class facility that supports industrial growth, strengthens supply chains, and reinforces Riga’s role as an important energy and petrochemical hub in the Baltic region.”
Further project milestones, including technical design progress and development timelines, will be announced as the project advances.