From the Field
Saudi Aramco completes 70% purchase of SABIC
DHAHRAN, June 18, 2020 – Saudi Aramco has completed the 70% purchase of petrochemicals giant Saudi Basic Industries Corporation (SABIC), the NOC announced on Wednesday.
The move advances Aramco’s vision of having an integrated upstream and downstream presence and solidifies its role as a global petrochemicals player. In 2019, Aramco and SABIC had a combined petrochemicals production of almost 90 million tonnes.
“The strategic integration of our upstream production and downstream chemicals feedstock production with SABIC’s chemicals platform is expected to create opportunities for selective integration synergies that support growth and add value for shareholders,”Aramco president and CEO Amin Nasser said.