Saudi Arabia's national oil company (NOC) Saudi Aramco is in talks with the China National Petroleum Company (CNPC) over the acquisition of 300 retail units and a minority stake in a refinery in China. Talks are in the early stages and the outcome remains unclear. However, we believe that the proposed deal would benefit both parties, supporting incremental liberalisation of the Chinese oil sector, while extending Aramco's presence in Asia.
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