Energy and chemical company Aramco enters discussion with Hengli Group

Aramco, one of the world's leading integrated energy and chemicals companies, has entered into discussions with Hengli Group Co Ltd regarding the potential acquisition of a 10 percent stake in Hengli Petrochemical Co Ltd, the company said on Tuesday.

The acquisition, which is subject to regulatory clearance, will further boost Aramco's investments in China, it said.

It aligns with the company's strategy to expand its downstream presence in high-value markets, as well as advance its liquids-to-chemicals program and secure long-term crude oil supply agreements, Aramco said.

We continue to explore new opportunities in important markets as we seek to progress in our liquids-to-chemicals strategy, said Mohammed Al Qahtani, Aramco's downstream president.

We look forward to forging new partnerships and are excited by the prospect of expanding our presence in the important Chinese market, he said.

The company has been stepping up efforts expanding its presence in the country. It has launched "Make A Mark" initiative and welcomed 20 local students for a day of immersive tutorials in Shanghai recently, together with the Aston Martin Aramco Formula One Team, featuring technical exhibitions, demonstrations and discussions on material innovation and the future of lower-emissions fuel technologies.

We aim for a lower-GHG emission future, and we plan to progress towards this goal together. We hope to ignite the innovative, inclusive and passionate potential within Chinese youth, said Rania Biltagi, Aramco Manager of Marketing, Partnership and Sponsorships.

zhengxin@chinadaily.com.cn