Aramco assesses possible investment in Shandong Yulong Petrochemical
London, 12 October 2023, (Oilandgaspress) – Aramco, Nanshan Group Co., Ltd., Shandong Energy Group Co., Ltd., and Shandong Yulong Petrochemical Co., Ltd. today signed a Memorandum of Understanding (“MoU”) to facilitate discussions relating to the possible acquisition by Aramco of a 10% strategic equity interest in Shandong Yulong Petrochemical Co., Ltd. (“Shandong Yulong”), subject to due diligence, negotiation of transaction documents and required regulatory clearance.
Shandong Yulong is currently in the process of completing the construction of a refining and petrochemicals complex that is designed to process around 400,000 barrels per day (bpd) of crude oil and produce a large volume of petrochemicals and derivatives. The facilities are located at Longkou, Yantai City, in China’s Shandong Province. As outlined in the MoU, Aramco would potentially supply Shandong Yulong with crude oil and other feedstock.
The MoU signing follows last month’s announcement that Aramco had signed a cooperation framework agreement with Jiangsu Eastern Shenghong Co., Ltd., (“Eastern Shenghong”) to also facilitate discussions relating to the possible acquisition by Aramco of a 10% strategic equity interest in Jiangsu Shenghong Petrochemical Industry Group Co., Ltd., a wholly-owned subsidiary of Eastern Shenghong, subject to due diligence, negotiation of transaction documents and required regulatory clearance.
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