Apr 23, 2024 04:26 AM
BUSINESS
Aramco Seeks Hengli Petrochemical Stake in Push Into China
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Last year Aramco bought a 10% stake in Rongsheng Petrochemical Co. for $3.5 billion, its largest ever foreign acquisition
(Bloomberg) — Saudi Aramco, looking to secure a long-term market for its oil, has begun talks to buy a 10% stake in China’s Hengli Petrochemical Ltd.
State-owned Aramco and the Chinese company signed an initial agreement to explore a potential transaction, according to a statement from the Saudi company. No financial details or timeline were provided. The 10% stake in Hengli, based in the Chinese port city of Dalian, has a market value of $1.5 billion based on its current share price.
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