Saudi Aramco reaches $69.1 billion deal to buy majority stake in petrochemicals firm SABIC

Saudi Arabia's state-controlled energy giant Aramco has reached a $69.1 billion deal to purchase a majority stake in petrochemicals firm SABIC from the kingdom's sovereign wealth fund.

div > div.group > p:first-child"> The deal will see Aramco purchase the 70-percent stake in SABIC held by Saudi Arabia's Public Investment Fund in a share purchase agreement. It will expand Aramco's footprint in refining and petrochemicals and inject cash into PIF, which underpins ambitious plans to remake Saudi Arabia's economy.

Aramco and PIF announced the news on Wednesday shortly after CNBC and other news outlets confirmed the transaction. The deal is not yet finalized and remains subject to closing conditions and regulatory approvals. "This is a win-win-win transaction and a transformational deal for three of Saudi Arabia's most important economic entities. It will unlock significant capital for PIF's continued long-term investment strategy, underpinning sectoral and revenue diversification for Saudi Arabia," Yasir Othman Al-Rumayyan, managing director of the PIF said in a statement.

Nice

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Saudi Oil Firm Aramco Buys Stake in Chemicals Firm Sabic for $69 BillionSaudi Arabia’s national oil company has agreed to buy a majority stake in the kingdom’s petrochemicals firm for $69.1 billion, giving Crown Prince Mohammed bin Salman’s agenda a giant jolt of cash. Having problems are they........ It wasn't all that long ago when it was the Arabian-American Oil Company
Source: WSJ - 🏆 98. / 63 Read more »

Saudi Aramco building global gas business to cut carbon footprintSaudi Aramco, the world's biggest oil producer, was building an internation...
Source: Reuters - 🏆 2. / 97 Read more »