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Aramco in negotiations to buy minority stake in China’s Hengli Petrochemical
Saudi Arabian oil giant Aramco has confirmed it is in talks to acquire a minority equity stake in Hengli Petrochemical to bolster its presence in the Chinese market. The company has signed an MOU with Hengli Group for the potential acquisition of a 10% stake in the latter’s petrochemical unit. Hengli Petrochemical operates a refinery and integrated chemicals complex in Liaoning Province, with a capacity of 400,000bpd. It also has facilities across Jiangsu and Guangdong Provinces. Aramco and Suzhou-based Hengli Group did not disclose the financial terms of the transaction, which will be subject to due diligence and ... (full story)