Saudi Aramco reaches deals to acquire major stake in Sabic

Saudi Arabia’s state-own energy giant Aramco has sealed a deal with Public Investment Fund to acquire 70 per cent stake in Saudi Arabia Basic Industries Corporation (SABIC) on Wednesday, 27 March 2019. The transaction is worth USD 69.1 billion but it is subjected to closing conditions and regulatory approvals.

With the deals, Saudi Aramco expands its footprint in the petrochemical industry further and allows the company to reduce the dependency on oil businesses.

At the moment, Saudi Aramco is having stakes in a number of major petrochemical plants in Middle Eastern and Asia. Some of those are: 

The company is also undertaking several other partnerships in new refinery and petrochemical projects in China and India.