Saudi Aramco Rumored To Acquire More Than 30% Stake In Oil Refinery In China From PetroChina For US$2 Billion

Published: Aug 04 2017
Deal Summary

Saudi Arabian Oil Company (Saudi Aramco), an oil and gas company, intends to acquire more than 30% stake in an 260,000-bd oil refinery located in Yunnan, China, from PetroChina Company Limited, an oil and gas company. The transaction is estimated to be valued at approximately US$2,000 million (MM), according to sources familiar with the matter, and reported by Wall Street Journal.

According to one of the people, Saudi Arabia could provide some of the crude oil for the refinery in the Yunnan province, and could also buy some of the retail assets of PetroChina.

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