Saudi Aramco, the global energy giant, continues its strategic steps towards strengthening its presence in the huge Chinese market, by entering into talks to acquire a 10% stake in Hengli Petrochemical Company, one of the major players in the refining and petrochemical sector in China.

This potential deal, which is subject to the necessary evaluations and approvals, comes within the framework of Aramco’s efforts to expand its business in the refining, petrochemicals and marketing sectors, especially in key high-value markets.

This deal, if completed, represents Aramco's latest investment in Chinese refiners and enhances its ability to secure long-term crude oil supply agreements.

Hengli Petrochemical Company has a leading position in the field of refining and petrochemicals. It owns and operates a 400,000 barrels per day refinery and an integrated chemicals complex in Liaoning Province, in addition to several production facilities in Jiangsu and Guangdong provinces.

This deal is a continuation of a series of investments that Aramco has made in China over the past period, which embodies its firm commitment to expanding the scope of its business in this promising market.

Last January, Aramco and the Chinese Rongsheng Petrochemical Company announced talks to exchange the acquisition of a 50% stake in their refineries in China and Saudi Arabia.

In July, Aramco also completed a $3.4 billion deal to acquire a 10% stake in Rongsheng, tied to a 20-year crude oil supply agreement to Rongsheng's Zhejiang Petrochemical Company.

Aramco continues to expand its investments in China with ongoing talks to buy a 10% stake in the Chinese petrochemical company Shandong Yulong, and last year it announced plans to become a strategic investor in another private Chinese refiner, Jiangsu Xinghong.

SABIC, a subsidiary of Saudi Aramco, continues its steps towards strengthening its presence in the Chinese market by announcing the construction of a huge petrochemical complex in the Fujian province in southeastern China.

The cost of this joint project with the state-owned Fujian Fuhua Guli Petrochemical Company is estimated at approximately $6.4 billion, and it is expected to contribute to strengthening SABIC’s position as one of the largest petrochemical producers in the world.

These successive investments confirm Aramco's firm commitment to expanding the scope of its business in China, out of its belief in the enormous potential of this promising market, and its desire to strengthen its strategic relations with its Chinese partners.

Through these investments, Aramco seeks to play a pivotal role in meeting the growing demand for energy and petrochemical products in China, and to strengthen its position as a leading global energy company that contributes to advancing sustainable development.