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FinancialNews
01-02-21
Saudi Basic Industries Corporation, Saudi Aramco shares to reach USD1.5 to 1.8B
(MENAFN)Saudi Basic Industries Corporation (SABIC) estimated that its yearly share of joined synergy with Saudi Aramco will reach at SR5.63 to 6.75 billion (USD1.5 to 1.8 billion) by 2025.
Saudi Aramco, the world’s largest oil company, obtained a 70 percent stake in SABIC from the Saudi sovereign wealth fund for USD69.1 billion in June the previous year..
The combined revenue of the two petrochemical companies would average amid USD3 to USD4 billion by 2025, stated Yousef Al-Benyan, SABIC CEO and vice-chairman in an online press conference.
Al-Benyan stated that “SABIC’s collaboration with Saudi Aramco represents an excellent opportunity for both companies to align and harness their synergies — for their mutual benefit and for the benefit of respective customers, stakeholders and shareholders.”
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