State-controlled Saudi Aramco said today it is considering taking a 10pc stake in Chinese private sector refiner Jiangsu Shenghong Petrochemical as the Saudi energy giant looks to further consolidate its footprint in China's downstream. Aramco said the two sides have signed “a co-operation framework agreement to facilitate discussions” around a possible acquisition. Shenghong Petrochemical owns and operates a 320,000 b/d integrated refinery at Lianyugang in eastern China's Jiangsu province, which opened earlier this year, as well as a methanol-to-olefins and derivatives complex and a purified terephthalic acid production facility through its wholly-owned subsidiaries.
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