Saudi Aramco agrees to buy PIF's stake in SABIC for $70 billion: sources
RIYADH/DUBAI - Saudi Aramco has agreed to buy a 70 percent stake in Saudi Basic Industries Corp from Saudi Arabia’s sovereign wealth fund for $69.1 billion, in a deal which the world’s top oil producer called “historic.”
“This is a win-win-win transaction and a transformational deal for three of Saudi Arabia’s most important economic entities,” said Yasir Othman Al-Rumayyan, managing director of the Public Investment Fund . Aramco’s CEO Amin Nasser said the deal represented an “historic moment” and a “great opportunity for growth,” Saudi-owned broadcaster Al Arabiya reported.
Aramco plans to increase its refining capacity from 4.9 million to 8-10 million barrels per day by 2030.
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