China’s Hengli Signs $11 Billion in Oil-Linked Deals at Expo

(Bloomberg) -- Hengli Group Co. signed deals at the China International Import Expo in Shanghai to import $11 billion worth of commodities and equipment, including a $3.6 billion crude-oil agreement with Saudi Aramco, it said in a statement.

Hengli agreed to buy 6.5 million tons of crude, or 131,000 barrels a day, from Saudi Aramco in 2019. Hengli has a refinery in the Chinese province of Dalian that is expected to start operations this year and plans to import 20 million tons of crude next year, according to a statement posted on its official WeChat account.

The company also signed deals to import textile equipment worth $750 million.

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