Aramco announced the closing of the acquisition of a 70 % stake in SABIC from the Public Investment Fund (PIF), the sovereign wealth fund of Saudi Arabia, for a total purchase price of SAR 259.125 billion (US$ 69.1 billion), equating to SAR 123.39 price per share.
The completion of the transaction strengthens Aramco’s presence in the global petrochemicals industry. Combined, Aramco and SABIC recorded a petrochemicals production volume of nearly 90 million tonnes, including agricultural nutrients and specialty products, in 2019.
The acquisition strengthens, in particular, Aramco’s chemicals strategy. SABIC expects to benefit from Aramco’s downstream chemicals feedstock production, and its ability to invest in and execute major growth projects at a large scale.
- Saudi Aramco, Dhahran, Saudi Arabia
- Saudi Basic Industries Corporation (SABIC), Riyadh, Saudi Arabia
