Saudi Aramco to Acquire Majority Interest in Sabic Petrochemical Producer for $ 69.1 Billion

DUBAI – The Saudi oil company has agreed to acquire a 70% stake in Saudi Basic Industries Corp., the kingdom's petrochemical company, for $ 69.1 billion, giving the program a big boost. Crown Prince Mohammed bin Salman.

The merger of Aramco and Sabic, as the petrochemical company calls it, would join the two largest companies in the country. In doing so, the agreement will transfer to the Saudi sovereign fund about the same amount of money it expected to derive from Aramco's IPO, which is now postponed.

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