Saudi’s $69 bln asset rejig starts banker payback peter_tl
Saudi Aramco on March 27 agreed to buy a 70 percent stake in Saudi Basic Industries Corporation from Saudi Arabia’s sovereign wealth fund for $69.1 billion.
SABIC and Aramco said in a statement the agreed purchase price was 123.4 riyals per share, a slight discount to SABIC’s closing price of 124.2 riyals on March 27. “This is a win-win-win transaction and a transformational deal for three of Saudi Arabia’s most important economic entities,” Yasir Al Rumayyan, managing director of the Public Investment Fund, said.
Aramco said it had no plan to buy the remaining shares in SABIC, the world’s fourth-biggest petrochemicals firm. Aramco plans to increase its refining capacity from 4.9 million to 8 million to 10 million barrels per day by 2030.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Saudi Oil Firm Aramco Buys Stake in Chemicals Firm Sabic for $69 BillionSaudi Arabia’s national oil company has agreed to buy a majority stake in the kingdom’s petrochemicals firm for $69.1 billion, giving Crown Prince Mohammed bin Salman’s agenda a giant jolt of cash.
Read more »
Look inside this $69 million home on the French Riviera, where the 1% of the 1% liveLook inside this $69 million home on the French Riviera, where the 1% of the 1% live. via CNBCMakeIt
Read more »
Steve Bannon accused of using personal email to talk about sending nuclear tech to Saudi ArabiaA letter from the House oversight committee's chairman alleges that Trump administration staff used personal email to discuss transferring sensitive nuclear technology to the Saudis.
Read more »
Saudi Arabia’s Economic Overhaul Is BackfiringA sweeping effort to diversify the Saudi kingdom’s oil-dependent economy is creating new problems, as Saudis and their businesses begin to feel the pain of an uncertain transition.
Read more »
This chart shows how Saudi Arabia is on course to behead more people than ever before in 2019The only countries who order more death penalties than Saudi Arabia are China and Iran, but beheading with a sword is unique to Saudis.
Read more »
Saudi Oil Firm Aramco Buys Stake in Chemicals Firm Sabic for $69 BillionSaudi Arabia’s national oil company has agreed to buy a majority stake in the kingdom’s petrochemicals firm for $69.1 billion, giving Crown Prince Mohammed bin Salman’s agenda a giant jolt of cash.
Read more »
Trump aides relieved, elated — and out for paybackA day after President Donald Trump was cleared of Russian election collusion, White House officials responded with a mixture of ecstatic relief — and plans for revenge
Read more »