After the purchase of 70% of SABIC's capital, how does Saudi Aramco benefit from this agreement?

Saudi Aramco, the world's largest oil producer, purchased a 70% stake in Saudi Basic Industries Corporation (SABIC) from the sovereign wealth fund for $ 69.1 billion.

This agreement follows months of negotiations between Saudi Aramco and the Saudi Public Investment Fund.

The transaction was valued at 259.125 billion SAR, or 69.1 billion US dollars, at a price equal to 123.39 SR per share.

Saudi Aramco's biggest gain after buying 70% of SABIC:

1. SABIC is the fourth largest petrochemical company in the world and is present in 50 countries with 33,000 employees.
2. SABIC sales reached $ 45 billion in 2018 and $ 5.7 billion in the same year, producing 75 million tonnes and total assets of $ 85 billion.
3. The transaction was carried out on shares held by the Public Investment Fund (Saudi sovereign wealth fund).
4. The agreement creates a giant national energy and petrochemical company that will lead the global energy sector.
5. The agreement brings Aramco 's share in the global refining capacity from 4.9 to 8 million barrels a day by 2030.
6. The agreement contributes to the conversion of 2 to 3 million barrels of refined petroleum per day for petrochemicals.

The remaining 30% of SABIC shares are not part of the transaction and Saudi Aramco has announced its intention to acquire the remaining interest.