Aramco completes $69 billion Sabic takeover

OILPRICE | Saudi state oil giant Aramco has finalized the purchase of a majority stake in petrochemicals major Sabic on the Saudi stock market, Reuters reported, buying over 2 billion shares in the company for a total of $69.1 billion.


Aramco signed the deal to buy 70 percent in Sabic from the Public Investment Fund of Saudi Arabia in March 2019, for the equivalent of US$69.1 billion in Saudi riyals at the time. The acquisition was part of Aramco’s preparation for going public, which happened, after much anticipation, at the end of last year.


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