Aramco plans to close SABIC acquisition deal in 2020

FILE PHOTO: Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed/File Photo

DUBAI - Saudi Aramco plans to complete the acquisition of a 70 percent stake in Saudi Basic Industries in 2020, it said in its bond prospectus. Aramco agreed last week to buy the majority stake from Saudi Arabia’s Public Investment Fund for $69.1 billion. Aramco’s revenues at the end of last year stood at $315.24 billion, while its net income was $111.07 billion, the prospectus showed.

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