RIYADH, June 17 — Saudi Aramco said today it has completed the acquisition of a 70 per cent stake in chemical giant SABIC for US$69.1 billion, boosting it as one of the world’s largest producers. The stake was held by the Public Investment Fund (PIF), the kingdom’s sovereign wealth fund which...
The headquarters of Saudi Basic Industries Corp is seen in Riyadh, Saudi Arabia April 19, 2016. — Reuters pic
“The completion of the transaction enhances Aramco’s presence in the global petrochemicals industry,” Aramco said in a statement. Last year, the energy giant raised US$12 billion in a bond sale to help pay for the SABIC acquisition.
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