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Aramco in talks to buy CNPC refinery stake – sources

Aramco in talks to buy CNPC refinery stake – sources
Photo Credit: Arabianeye - Reuters

Riyadh-Mubasher: Saudi Aramco is in talks to acquire a stake in a refinery of China National Petroleum Corp (CNPC) as well as retail assets, Reuters reported citing people familiar with the matter.

They added that the deal is estimated at nearly $1-1.5 billion, although final valuations, assets and stakes are subject to change.

The world’s largest oil exporter hired Deutsche Bank AG to advise on the potential acquisition, Bloomberg reported.