Saudi Aramco, the Arab kingdom's oil producer, said on Wednesday that it had completed a transaction to acquire a 70 percent share in the Saudi Basic Industries Corporation (SABIC) petrochemical company for $69.1 billion
MOSCOW (Pakistan Point News / Sputnik - 17th June, 2020) Saudi Aramco, the Arab kingdom's oil producer, said on Wednesday that it had completed a transaction to acquire a 70 percent share in the Saudi Basic Industries Corporation (SABIC) petrochemical company for $69.1 billion.
"Aramco today announced the successful completion of its share acquisition of a 70% stake in Saudi Basic Industries Corporation (SABIC) from the Public Investment Fund (PIF), the sovereign wealth fund of Saudi Arabia, for a total purchase price of SAR 259.125 billion, equating to SAR 123.39 price per share," the oil corporation said in a press release.
The remaining 30 percent are not part of the transaction, the company has noted, adding that it does not intend to purchase it.
The press release also read that the closure of the deal that was announced back in March 2019 will expand Aramco's presence in the global petrochemical industry.
"We are excited to complete this transaction. It is a significant leap forward which accelerates Aramco's Downstream strategy and transforms our company into one of the major global petrochemicals players," Amin Nasser, Saudi Aramco's president and CEO, said.
According to the document, in 2019, Saudi Aramco and SABIC together produced almost 90 million tonnes of petrochemical products, including agricultural outputs.
