Aramco Buys Majority Stakes in Sabic
Aramco reached a deal to buy majority stake in petrochemicals firm Sabic from Saudi Arabia’s sovereign wealth fund. In the deal Aramco will buy 70% stake in Sabic held by Saudi Arabia’s Public Investment Fund for $69.1 billion in a share purchase agreement.
The purchase is a major step for Aramco’s efforts to expand its footprint in refining and petrochemicals.
Public Investment Fund Managing Director described the deal as “a win-win-win transaction and a transformational deal for three of Saudi Arabia’s most important economic entities.”