Aramco's 70% share in SABIC is declining


Okaz (Riyadh)

Saudi Aramco Chief Executive Amin Hassan Al-Nasser confirmed the signing of a buy-in agreement to secure the interest of a 70% majority in the Corpus of Saudi Basic Industries (SABIC) from the Public Investment Fund to stimulate growth and strengthen weaving and petrochemicals. in key markets. Achieve increased growth and strengthen competitiveness by integrating the strengths and capabilities of both companies.

He explained to the Saudi News Group that Aramco's strategy is to be both the global and the global in the energy and chemical sector, and has started through a number of agreements with international companies to expand income sources and the increase the value of it by between two million to three million barrels of crude oil For chemicals, and by signing the purchase of SABIC components, it will complement Aramco's support in the petroochemical sector.

Al-Nasser said that SABIC is a strategic partner, as a global company with marketing centers, as well as brand and world technology.

Saudi Aramco will be able to choose a majority in the board of SABB leaders. The Board will continue to represent all shareholders' interests until the next stage is developed.

Aramco operates a worldwide approach to developing global deals. It was discussed with the Public Investment Fund. The contract, with a value of 259.125 billion, or US $ 69.1 billion, was agreed at a price equivalent to SR 123.39 per section.

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