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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.”

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.”

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