SABIC acquires Shell Chemical Arabia’s stake in SADAF for $820 mln

Saudi Basic Industries Corporation (SABIC) on Wednesday said it has completed the acquisition of Shell Chemical Arabia’s 50 percent stake in Saudi Petrochemical Company (SADAF) for $820 million (SAR 3.08 billion).

Financial impact will reflect on SABIC’s Q3 2017 earnings, the Middle East’s largest petrochemical producer said in a statement to Tadawul.

SADAF was established in 1980 and began operations in 1984. It produces over 4 million tons annually of building-block petrochemicals, including ethylene, crude industrial ethanol, styrene monomer, ethylene dichloride, caustic soda, and methyl tertiary butyl ether.