Saudi Aramco Base Oil Co. (2222) announced on Monday that it is in talks with Hengli Group Co., Ltd., and has signed a Memorandum of Understanding for the potential purchase of a 10% share in Hengli Petrochemical Co., Ltd.
Mohammed Al-Qahtani, Aramco's downstream president, said, "This MoU supports our efforts to grow our global downstream footprint. We continue to explore new opportunities in important markets as we seek to progress in our liquids-to-chemicals strategy".
Hengli Petrochemical, which is a subsidiary of Hengli Group, manages a refinery with a capacity of 400,000 barrels per day and a chemicals complex in Liaoning province, along with various plants and production sites in Jiangsu and Guangdong provinces.
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June 19, 2026 16:46 ET Major central banks continued to dominate the economic news flow this week too, led by the Federal Reserve, as they announced their latest policy decisions. The Federal Reserve policy session was in focus as it was the first to be led by the new chief Kevin Warsh. In Europe, central banks of the U.K. and Switzerland announced their rate decisions. In Asia, the Bank of Japan drew attention for its policy moves, while data out of China threw some light on the state of the economy.