The oil price war has put a $69 billion mega deal at risk

OILPRICE | Even before the latest slew of announcements regarding the agreement by Saudi Arabia’s flagship oil and gas company, Aramco, to acquire a 70 percent stake in the Kingdom’s key petrochemicals company, Saudi Basic Industries Corporation (SABIC), for US$69.1 billion, from the country’s sovereign wealth fund, the Public Investment Fund (PIF), the ‘deal’ looked like a meaningless accounting trick that transfers money from one side of the Saudi balance sheet to another. It looked like that because that is what it is but it is much worse than that as well.

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