Aramco’s acquisition of SABIC provides capital for PIF’s long-term investment strategy: Al-Rumayyan

17/06/2020 Argaam

 

Saudi Aramco’s purchase of a 70% stake in major petrochemical producer, SABIC, is a significant milestone for three of Saudi Arabia’s most important entities, Yasir Al-Rumayyan, Governor of the Public Investment Fund (PIF), said on Wednesday.

 

“It provides capital for PIF’s long-term investment strategy as it drives the economic transformation and growth of Saudi Arabia, further benefitting the people of our country. It supports Aramco’s continued growth in downstream, enhances its international footprint, and provides SABIC a new strategic energy industry focused shareholder with the ability to support growth projects,” Al-Rumayyan added.

 

Saudi Aramco announced today that it finalized the acquisition of a 70% stake in SABIC from the Kingdom’s sovereign wealth fund, for a total price of SAR 259.125 billion ($69.1 billion), or SAR 123.39 price per share.

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