Seated (left to right) Janet Kong and Saleh Al Zaid; standing (from left to right) Nasser Lasloom, Li Feng, Andrew Katz, Yasser Mufti, An Jinxiang, Nader Arfaj and Albert Lam. Photo: Aramco.
Aramco, one of the world's leading integrated energy and chemicals companies, has entered into discussions with Hengli Group Co., Ltd. (“Hengli Group”) on the possibility of acquiring 10% shares of Hengli Petrochemical Co., Ltd. (“ Hengli Petrochemical ”), subject to necessary regulatory due diligence and clearance.
Aramco is considering acquiring a 10% stake in Hengli Petrochemical, pending appraisal and regulatory approval. The proposed deal is in line with Aramco's downstream expansion strategy and aims to advance its liquids-to-chemicals program. Hengli Petrochemical, a subsidiary of the Hengli Group, operates a large chemical refining complex in China.
The companies signed a Memorandum of Understanding (MoU) on the proposed transaction, in line with Aramco's strategy to expand its downstream presence in key high-value markets, advancing its converting liquids into chemicals and securing long-term crude oil supply agreements. .
Hengli Petrochemical, a subsidiary controlled by Hengli Group, owns and operates a 400,000 barrels per day integrated refinery and chemical complex in Liaoning province, China, along with several other suppliers. machines and production facilities in Jiangsu and Guangdong provinces.
Mohammed Y. Al Qahtani, Chairman of Aramco Downstream, said: “This MoU supports our efforts to grow our global downstream footprint. We continue to explore new opportunities in key markets as we seek to develop our liquids-to-chemicals strategy. We look forward to forging new partnerships and are excited at the prospect of expanding our presence in the important China market.”
Note: The content of this press release has not been edited by Fiber2Fashion staff.
Fiber2 Fashion News Desk (HU)
