Saudi Aramco has completed its purchase of a 70per cent stake in petrochemicals company Saudi Basic Industries for US$69.1 billion and extended ...
RIYADH/DUBAI: Saudi Aramco has completed its purchase of a 70per cent stake in petrochemicals company Saudi Basic Industries for US$69.1 billion and extended the payment period by three years to 2028, providing a cushion against weak oil prices.
The transaction was funded through promissory notes issued to the PIF at the deal's close on Tuesday, Aramco said. Some analysts have voiced concerns the oil slump would make it difficult for Aramco to pay the government this year, although its first-quarter dividend was in line with a plan for a US$75 billion 2020 payout.
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