SABIC has announced that Saudi Aramco has signed a share purchase agreement to acquire at 70 per cent majority stake in SABIC from the Public Investment Fund of Saudi Arabia in a private transaction.

The remaining 30 per cent publicly traded shares in SABIC are not part of the transaction, and Saudi Aramco has advised that it has no plans to acquire these remaining shares.

Yousef Al-Benyan

The transaction is subject to certain closing conditions, including regulatory approvals.

Yousef Al-Benyan, SABIC Vice Chairman and CEO, said: “I believe the potential rewards of this deal are clear and support our vision to be the preferred world leader in chemicals.”

“SABIC will benefit from the additional scale, technology, investment potential, and growth opportunities Saudi Aramco will bring as a global leader in integrated energy and chemicals production, while remaining focused on meeting the needs of our customers and the creation of value for all our shareholders.”

“SABIC’s relationship with Saudi Aramco goes back to our inception in 1976. Solidifying our relationship in this way strategically positions SABIC and Saudi Aramco to accelerate exciting developments in our global chemicals business.”