Saudi oil giant Aramco is proceeding with plans to boost its downstream presence in its most important export market, China, with discussions to buy a minority stake in a Chinese petrochemical company. Aramco has entered into discussions with Hengli Group Co., Ltd. regarding the potential acquisition of a 10% stake in Hengli Petrochemical Co., subject to due diligence and required regulatory clearances, the Saudi firm said in a statement on Monday. Hengli Petrochemical International Pte. Ltd and Aramco signed on Monday a Memorandum of…
