Aramco last year agreed to buy a 70% stake in Saudi Basic Industries Corp (SABIC) from the Public Investment Fund (PIF), the kingdom’s wealth …

The completion of the transaction enhances Aramco’s presence in the global petrochemicals industry, a sector expected to record the fastest growth in oil demand in the years ahead.

State-owned Saudi Aramco <2222.SE> bought 2.1 billion shares of Saudi Basic Industries (SABIC) <2010.SE> on the stock market on Sunday as it completed its deal agreed last year to … The SABIC board will ensure strategic alignment, and oversee further creation of value for SABIC and all of its shareholders as SABIC becomes an important member of the Aramco group.“Despite the COVID-19 pandemic forcing many companies to rethink or revise their long term strategies, our long-term focus, financial strength and resilience have enabled us to complete this historic deal. It specifically enhances  Aramco’s chemicals strategy by transforming Aramco into one of the major global petrochemicals players; integrating upstream production with SABIC feedstock; expanding capabilities in procurement, supply chain, manufacturing, marketing and sales; complementing geographic presence, projects and partners; and increasing the resilience of cash flow generation with synergistic opportunities. The PIF has made roughly half-billion-dollar stakes in companies including Carnival Corp, Live Nation, Walt Disney, Marriott International, Bank of America and Facebook,  among others, as well as a $714 million stake in Boeing. The transaction is subject to certain closing conditions, including regulatory approvals.${ listing.newsCard.description } 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.”

Global Business and Financial News, Stock Quotes, and Market Data and Analysis.The purchases come amid the worst financial downturn for the kingdom in decades, with the double blow of the coronavirus and low oil prices forcing it to enact austerity measures including cutting public spending and tripling its value-added tax.The purchase was described as strategic on multiple fronts: to expand and diversify Aramco's downstream refining capacity, and to bolster the PIF's balance sheet to enable it to push ahead with ambitious investments meant to help diversify the Saudi economy in line with Crown Prince Mohammed bin Salman's Vision 2030. Saudi Aramco completed the purchase of its 70% stake in the kingdom's petrochemical giant Sabic from the Saudi Public Investment Fund, one of the largest ever deals in the global chemical industry.

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