The world's largest oil producer Saudi Aramco has agreed to buy a 70 percen...
RIYADH/DUBAI - The world’s largest oil producer Saudi Aramco has agreed to buy a 70 percent stake in Saudi Basic Industries Corp from the kingdom’s wealth fund for $69.1 billion in one of the biggest deals in the global chemical industry.
The deal could inject billions of dollars into the PIF, giving it the firepower to proceed with its plans to create jobs and diversify the largest Arab economy beyond oil exports, including a mega business zone in the northwest of the country. “We think it’s a fair offer and makes sense from a pure valuation perspective,” said Yousef Husseini, an analyst at EFG-Hermes.
Aramco plans to increase its refining capacity from 4.9 million to 8-10 million barrels per day by 2030. Aramco’s IPO initially planned for 2018 has been postponed. Saudi officials have said the new date for the public offering is now 2021 due to the world’s top oil producer’s plan to acquire the strategic stake in SABIC.
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