Saudi oil giant Aramco said on Monday it is in talks to acquire a 10% stake in China's Hengli Petrochemical (600346.SS), opens new tab, a deal which would further bolster Aramco's growing downstream presence in China.
Aramco (2222.SE), opens new tab is in talks with parent Hengli Group Co and signed a memorandum of understanding over the proposed transaction, which is subject to due diligence and regulatory approvals, Aramco said in a statement.
The potential deal "aligns with Aramco's strategy to expand its downstream presence in key high-value markets, advance its liquids-to-chemicals program, and secure long-term crude oil supply agreements," it said.
An agreement would be the latest in a string of Aramco deals with Chinese refiners.
In January, Chinese privately-controlled refiner Rongsheng Petrochemical (002493.SZ), opens new tab, and Aramco announced they were in talks to take a 50% stake in each other's refineries in China and Saudi Arabia.
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