Saudi Aramco is in discussions to acquire a 10% stake in China’s Shandong Yulong, which is constructing a refining and petrochemicals complex with the capacity to process around 400,000 b/d of crude oil. The firm announced on 11 October that it has signed an MoU with Shandong Yulong’s parent companies Nanshan Group and Shandong Energy Group, as well as Shandong Yulong itself. Aramco had previously signed an MoU over potential collaboration with Shandong Energy late last year (MEES, 16 December 2022).
This marks the second such MoU signed in a matter of weeks, with Aramco in late September entering into talks to buy a stake in China’s Shenghong Petrochemicals which operate a 320,000 b/d refinery (MEES, 29 September). In July Aramco finalized a 10% stake in Rongsheng and an accompanying deal to supply 480,000 b/d to the firm’s affiliated 800,000 b/d ZPC refinery. (CONTINUED - 199 WORDS)