Aramco acquires 70% stake in SABIC from Saudi Arabia's PIF

Saudi Aramco not too long ago announced it has obtained a 70 for every cent stake in Saudi Fundamental Industries Company (SABIC) from the Public Investment Fund (PIF), the sovereign prosperity fund of Saudi Arabia, for a full obtain rate of SAR 259.125 billion ($ 69.1 billion), equating to SAR 123.39 rate for every share. The completion of the transaction improves Aramco’s existence in the global petrochemicals business.

Merged, in 2019 Aramco and SABIC recorded petrochemicals production quantity of just about ninety million tonnes, together with agri-nutrient and specialty items.

The acquisition of the SABIC stake is dependable with Aramco’s long-expression downstream tactic to improve its integrated refining and petrochemicals ability and make value from integration across the hydrocarbon chain, claimed an Aramco press release.

It precisely improves Aramco’s chemical compounds tactic by transforming Aramco into a single of the major global petrochemicals gamers integrating upstream production with SABIC feedstock

Read More