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The public investment fund's supervisor, Yasser bin Othman Al-Rumayan, said on Wednesday Aramco signs an agreement to acquire 70% stake in SABIC, Represents a qualitative leap forward for three of the Kingdom's largest economic institutions, providing substantial capital to enhance the Fund's long-term investments.
The transaction, valued at SR 259.125 billion, is also a strategic asset that can bring significant value to SABIC and its shareholders, leveraging its strong potential to open up prospects for Aramco's growth as a principal. player in the global energy markets.
Aramco Chairman Amin Hassan said the acquisition represents a quantum leap in terms of growth in the company's growth strategy in the refining and petrochemical sectors. The two companies can together create a stronger platform to strengthen their competitiveness and meet the growing demand for energy and chemical products globally.
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