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Saudi oil giant Aramco announced on Monday that it is in talks to acquire a 10% stake in China's Hengli Petrochemical, continuing its recent deals with Chinese refiners. In January, Rongsheng Petrochemical and Aramco announced plans for a 50% stake exchange in each other's refineries in China and Saudi Arabia. Additionally, Aramco subsidiary SABIC will build a $6.4 billion petrochemical complex in Fujian province in a joint venture with Fujian Fuhua Gulei Petrochemical. By July, Aramco closed a $3.4 billion deal to buy a 10% stake in Rongsheng, which included a 20-year crude oil supply agreement. Aramco is also negotiating to buy a 10% stake in Shandong Yulong Petrochemical Co and plans to become a strategic investor in Jiangsu Shenghong Petrochemical. This new deal would bolster Aramco's downstream presence in key markets, advance its liquids-to-chemicals program, and secure long-term crude oil supply agreements in China.

Saudi Aramco in Talks to Buy 10% of China’s Hengli Petrochemical

Saudi oil giant Aramco announced on Monday that it is in talks to acquire a 10% stake in China’s Hengli Petrochemical, continuing its recent deals with Chinese refiners. In January, Rongsheng Petrochemical and Aramco announced plans for a 50% stake exchange in each other’s refineries in China and Saudi Arabia. Additionally, Aramco subsidiary SABIC will build a $6.4 billion petrochemical complex in Fujian province in a joint venture with Fujian Fuhua Gulei Petrochemical. By July, Aramco closed a $3.4 billion deal to buy a 10% stake in Rongsheng, which included a 20-year crude oil supply agreement. Aramco is also negotiating to buy a 10% stake in Shandong Yulong Petrochemical Co and plans to become a strategic investor in Jiangsu Shenghong Petrochemical. This new deal would bolster Aramco’s downstream presence in key markets, advance its liquids-to-chemicals program, and secure long-term crude oil supply agreements in China.

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