Saudi Aramco announced on 22 April that it is in talks with Chinese refining and petrochemicals firm Hengli Petrochemical for a 10% stake. The two firms have signed a Memorandum of Understanding (MoU) for the proposed transaction, which marks the latest phase of Aramco’s push into China’s expanding downstream sector.
Aramco says the MoU “aligns with Aramco’s strategy to expand its downstream presence in key high-value markets, advance its liquids-to-chemicals program, and secure long-term crude oil supply agreements.” Hengli owns and operates a 400,000 b/d refinery and integrated petrochemicals complex at Liaoning Province in north-eastern China, as well as a number of chemicals facilities in Jiangsu and Guangdong Provinces. (CONTINUED - 810 WORDS)
