Aramco in talks to acquire 10% stake in Hengli Petrochemical

23 Apr Aramco in talks to acquire 10% stake in Hengli Petrochemical

London, 23 April 2024, (Oilandgaspress): – Aramco, one of the world’s leading integrated energy and chemicals companies, has entered into discussions with Hengli Group Co., Ltd. (“Hengli Group”) regarding the potential acquisition of a 10% stake in Hengli Petrochemical Co., Ltd. (“Hengli Petrochemical”), subject to due diligence and required regulatory clearances.

The companies today signed a Memorandum of Understanding (MoU) regarding the proposed transaction, which 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.

Hengli Petrochemical, a controlled subsidiary of Hengli Group, owns and operates a 400,000 barrel per day refinery and integrated chemicals complex in Liaoning Province, China, and several plants and production facilities in Jiangsu and Guangdong Provinces.

Information Source: Read full article

Oil and gas press covers, Energy Monitor, Climate, Renewable, Wind, Biomass, Sustainability, Oil Price, LPG, Solar, Marine, Aviation, Fuel, Hydrogen, Electric ,EV, Gas,