Saudi Aramco-SABIC deal 'significant leap forward': Nasser

Saudi Arabian Oil Co.'s (Saudi Aramco) acquisition of a 70% stake in Saudi Basic Industries Corporation (SABIC) from the Public Investment Fund (PIF) is a significant leap forward which accelerates Aramco’s downstream strategy and transforms the company into one of the major global petrochemicals players, stated Amin Nasser, President & CEO, Saudi Aramco.

"The strategic integration of our upstream production and downstream chemicals feedstock production with SABIC’s chemicals platform is expected to create opportunities for selective integration synergies that support growth and add value for shareholders,” Nasser added.

Despite the COVID-19 outbreak, which forced many companies to reconsider their long term strategies, Saudi Aramco's financial strength and resilience enabled the world's largest oil exporter to finalize this historic deal.

"The deal marks the beginning of a new chapter in the history of both companies and is an important marker in delivering our long term downstream strategy," Nasser stressed.

Saudi Aramco announced earlier today it completed the acquisition of a 70% stake in SABIC from the PIF, the Saudi sovereign wealth fund, for a total of SAR 259.125 billion ($69.1 billion), Argaam reported.