Daily News: Saudi Aramco completed its $69 billion acquisition of a 70% stake in SABIC
Pub Date:Jun 24,2020 | Views:424 |
Saudi Aramco completed its $69 billion acquisition of a 70% stake in SABIC
On June 15, according to the Russian oil and gas network news the company completed the acquisition of Saudi Aramco basic industries corporation (SABIC) 2.1 billion (70%) of the deal amounted to 259.125 billion reais, or $69.1 billion (USD $32.8 per share) the shares by Saudi Arabia sovereign fund (public investment fund, PIF) for sale, SABIC the remaining 30% is still controlled by the PIF the strategy aims to by 2030 its refining capacity increased from 4.9 million barrels per day to 800-10 million barrels per day to stimulate growth.
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