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Aramco completes acquisition of 70% stake in SABIC

 Last Update: 2022-08-23
 Source: Internet
 Author: User

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On June 14, Aramco completed its acquisition of a majority stake in petrochemical giant Saudi Basic Industries Corporation (SABIC) on the Saudi stock market for a total of $69.
1 billion, buying more than 2 billion shares of the company

Saudi Aramco signed an agreement in March 2019 to buy a 70 percent stake in SABIC from the Saudi Arabian Public Investment Fund at a price equivalent to $69.
1 billion in Saudi riyals at the time

The acquisition is part of Saudi Aramco's preparations to go public

Earlier, there were media reports that Saudi Aramco may delay the acquisition due to the slump in oil prices caused by the epidemic

SABIC is one of the world's top petrochemical companies

SABIC's revenue in 2019 was 139.
7 billion Saudi riyals (about 37.
2 billion US dollars), compared with 169.
1 billion Saudi riyals in 2018

Saudi Aramco is one of the world's largest producers of crude oil and condensate

Given the current market conditions and recent volatility in commodity prices, Saudi Aramco recently lowered its capital expenditures for 2020 and expects full-year capital expenditures to be between $25 billion and $30 billion

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