Sitting (L to R) Janet Kong and Saleh Al Zaid; standing (L to R) Nasser Lasloom, Li Feng, Andrew Katz, Yasser Mufti, An Jinxiang, Nader Arfaj, and Albert Lam. Pic: Aramco
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.
Aramco considers acquiring 10 per cent stake in Hengli Petrochemical, pending due diligence and regulatory approvals.
The proposed deal aligns with Aramco’s downstream expansion strategy and aims to advance its liquids-to-chemicals program.
Hengli Petrochemical, a subsidiary of Hengli Group, operates a major refinery and chemicals complex in China.
The companies 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.
Mohammed Y. Al Qahtani, Aramco 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. We look forward to forging new partnerships and are excited by the prospect of expanding our presence in the important Chinese market.”
Note: The content of this press release has not been edited by Fibre2Fashion staff.
Fibre2Fashion News Desk (HU)
