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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