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  • 20-06-20

    Saudi Aramco proclaims attainment of 70 percent bet in SABIC

    (MENAFN) On Wednesday June 17 Saudi Aramco proclaimed on the attainment of a 70 percent bet in Saudi Basic Industries Corporation (SABIC) from the Public Investment Fund (PIF).

    The Saudi Press Agency accounted that the attainment was settled for an entire purchase value of 259.125 billion Saudi riyals (69.1 billion United States dollars), associating to 123.39 Saudi riyals per share.

    The company highlighted that the conclusion of the transaction develops Aramco's incidence in the global petrochemicals industry, a sector anticipated to record the highest enlargement in oil demand in the years in advance.

    Aramco and SABIC recorded that petrochemicals production quantity of almost 90 million tons in 2019, counting agri-nutrient and specialty products.

    MENAFN2006202000450000ID1100356162

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