Saudi Aramco Reportedly Seeks to Acquire 30% of PetroChina Yunnan Petrochemical for USD2 Billion
Chen Juan
/SOURCE : Yicai
Saudi Aramco Reportedly Seeks to Acquire 30% of PetroChina Yunnan Petrochemical for USD2 Billion

(Yicai Global) Aug. 8 -- Saudi Aramco -- officially named Saudi Arabian Oil Co. -- is seeking to acquire a stake of more than 30 percent in PetroChina Yunnan Petrochemical Co. (PetroChina Yunnan), owned by China National Petroleum Corp. (CNPC), and that the deal could hit USD2 billion. The deal is still under way, CNPC said.

CNPC is in talks with Saudi Aramco, but the transaction price has not been fixed yet, the 21st Century Business Herald quoted a CNPC insider as saying today.

PetroChina Yunnan formed in May 2011. Petrochina Co. [SHA:601857], Yuntianhua Group Co. and Saudi Aramco have jointly set up a large oil refinery in southwest China, with a stake of 51 percent, 10 percent and 39 percent, respectively. Total investment is CNY19.33 billion.

CNPC's solely-funded Investment in PetroChina Yunnan has reached CNY30 billion, the insider said.

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Keywords: MSCI , Oil