Aramco leads the world's most profitable companies with $ 111 billion

Aramco topped the most profitable companies in 2018, recording a profit of $ 111 billion, equivalent to the combined profits of Apple, Google and ExxonMobil, reported Moody's.

Aramco has a credit score A1 From Moody'sA + Of Fitch, before offering dollar bonds with maturities ranging from 3 to 30 years, according to Al-Arabiya.

Aramco begins meetings with bond investors during a promotional tour to Singapore, London, Hong Kong, Tokyo, New York, Los Angeles, Boston and Chicago.

Aramco has appointed JP Morgan and Morgan Stanley global coordinators and accountants, as well as Citigroup, Goldman Sachs, HSBC and Ahli Capital.

Aramco is seeking to issue bonds for $ 10 billion to fund the acquisition of 70% of SABIC's capital. The value of the purchase of installments.

SABIC is the world's fourth largest chemical company with a market value of SAR 370 billion, which will add value to the diversification of Aramco's refining and petrochemical investments, opening new markets for crude oil. Aramco and a growth in the corporate sector that the Company considers essential for its downstream strategy, while increasing the market value of Aramco for the coming year.

Aramco announced on March 27 that it has acquired 70% of the capital of Saudi Basic Industries Corporation (SABIC), noting that this agreement created new opportunities in the fast-growing petrochemical sector.

The Amin engineer Hassan Al-Nasser, president of Aramco, said that this deal was a historic moment and a qualitative leap to strengthen Aramco's growth strategy in refining and petrochemicals.

Yousef Al Bunyan, managing director of Saudi Basic Industries Corporation (SABIC), said Aramco was not planning to acquire the remaining 30 percent of the company.