Saudi Aramco is negotiating to buy 10% of Hengli Petrochemical

The state-owned oil and gas company, Saudi Aramco, has announced negotiations to acquire a 10% stake in the Chinese company Hengli Petrochemical. The President of Saudi Aramco, Mohammed I. Al-Qahtani, said: «We look forward to establishing new partnerships and are pleased with the prospect of expanding our presence in the important Chinese market».
The proposed transaction would be subject to comprehensive regulatory review and approval. Hengli Petrochemical, a subsidiary of Hengli Group, owns and operates a 400,000-barrel oil refinery and an integrated chemical complex in Liaoning Province, as well as several plants in Jiangsu and Guangdong Provinces.
Saudi Arabia, a member of OPEC, maintains oil market balance. In 2023, nine OPEC+ members voluntarily cut oil production by 1.66 mbpd.