Saudi Arabia's national oil company, Aramco, is in talks to secure a 10% stake in Chinese company Hengli Petrochemical, the oil major announced on Monday.
Aramco signed a memorandum of understanding with the Hengli Group, the parent company of the Hengli Petrochemical, on Monday, which aligns with the Saudi oil giant鈥檚 strategy to expand its downstream presence in key high-value markets, the oil major said in a statement.
Commenting on the deal, Mohammed Y. Al Qahtani, Aramco鈥檚 downstream president, said: 鈥淭his MoU supports our efforts to grow our global downstream footprint.鈥�
鈥淲e continue to explore new opportunities in important markets as we seek to progress in our liquids-to-chemicals strategy,鈥� Al Qahtani said. 鈥淲e look forward to forging new partnerships and are excited by the prospect of expanding our presence in the important Chinese market.鈥�
Hengli Petrochemical owns and operates a refinery processing 400,000 oil barrels per day and an integrated chemicals complex in Liaoning province, China, along with several plants and production facilities in Jiangsu and Guangdong provinces, the statement added.
By Handan Kazanci
Anadolu Agency
energy@aa.com.tr