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Saudi Aramco may acquires refining, retail assets from PetroChina

2015-10-09 10:26

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Saudi Arabian Oil Company (Saudi Aramco) may buy refining and retail assets from China's top oil and natural gas producer PetroChina (PTR.NYSE; 00857.HK; 601857.SH), according to media reports.

Both sides may conduct cooperation on share holding, financing as well as oil and gas resources beside asset acquisition, according to a report by National Business Daily citing an industry insider. Uncertainty exists with the above-mentioned cooperation and it would be a win-win situation if the cooperation takes fruit, according to Lin Boqiang, an energy expert with Xiamen University.

PetroChina, Saudi Aramco and Yuntianhua Group plan to jointly build a Greenfield refinery in southwest China and hold 51 percent, 39 percent and 10 percent shares in the promoter named as PetroChina Yunnan Petrochemical Co., Ltd., respectively, according to PetroChina. Still, PetroChina now holds 100 percent shares of PetroChina Yunnan Petrochemical with registered capital of 3 billion yuan, according to Yunnan Provincial Administration for Industry and Commerce. Located in Kunming of Yunnan, the refinery is under an expansion project and is expected to come on stream in 2016.

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