Saudi Arabian Oil Co. (Saudi Aramco) is in talks to buy a stake in a China’s state-owned oil refinery, Wall Street Journal reported, citing unnamed people familiar with the matter.
The Kingdom’s national oil firm may buy more than 30 percent stake in PetroChina Co. refinery, the newspaper said.
The deal could be valued at up to $2 billion.
PetroChina Co.’s refinery, located in China’s Yunnan province, has a production capacity of 260,000 barrels per day.
In March, PetroChina had said it will consider participating in Aramco's upcoming initial public offering (IPO) “based on market conditions”.
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