PetroChina Co Ltd is in talks with Venezuela to buy  Valero Energy‘s shuttered refinery in Aruba, sources said, the latest move by China’s oil giants to take advantage of a global refining downturn to beef up supply.

PetroChina, Asia’s largest oil and gas producer, has made a string of overseas refinery acquisitions in the past few years to strengthen its global refinery foothold and boost its trading and marketing capabilities.

In a filing with the U.S. Securities and Exchange Commission, Valero said it had received a non-binding indication of interest for the 235,000 barrel-per-day Aruba plant for $350 million plus working capital, but did not identify the interested party.

Sources familiar with the negotiations said the approach had been made by PetroChina. It was the second time in two years the Chinese company had discussed the purchase of the plant, which is located near Venezuela, China’s fourth…