Aramco ‘eyes CNPC assets’

Saudi Aramco Logo06 October 2015, News Wires – Saudi Aramco is in talks to snap up downstream assets from China National Petroleum Corporation (CNPC) in a deal that may be worth up to $1.5 billion, according to a report.

The Saudi oil behemoth is looking to buy some marketing, retail and refining assets from the Chinese state player, Reuters reported, citing unidentified sources.

Aramco is looking to buy at least one CNPC refinery as well as 300 retail outlets, according to the news wire.

The pair penned a memorandum of understanding in late 2010 on expanding oil trading an co-operating further in refining and oil engineering.

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