Saudi Aramco Eyes Stake in Chinese Petrochemical Firm

Saudi oil giant Aramco is proceeding with plans to boost its downstream presence in its most important export market, China, with discussions to buy a minority stake in a Chinese petrochemical company. Aramco has entered into discussions with Hengli Group Co., Ltd. regarding the potential acquisition of a 10% stake in Hengli Petrochemical Co., subject to due diligence and required regulatory clearances, the Saudi firm said in a statement on Monday. Hengli Petrochemical International Pte. Ltd and Aramco signed on Monday a Memorandum of…