Baku 17° C
Saudi Aramco acquires 2.1 billion SABIC shares
Energy
- 15 June, 2020
- 10:32
Add Report.az to preferred Google sources
Stay up to date with the top news!
Saudi Aramco bought 2.1 billion Saudi Basic Industries (SABIC) shares on the Saudi stock market, Tadawul, Report says, citing Kommersant.
The acquisition was part of a deal agreed upon in 2019 with Saudi Aramco to buy 70 percent of the petrochemical giant. Four transactions were executed on the Saudi exchange, with SABIC’s shares worth SR259,125 billion ($69.1 billion), without naming the buyer as indicated by Tadawal data. Sources confirmed the transactions and stated they would be one of the biggest in the global chemical industry upon completion.
SABIC is the fourth largest petrochemical company in the world. With its acquisition, Saudi Aramco will be able to diversify its business and enter new markets.
Author
Latest News
18:07
MFA: November 8 stands as testament to nation's unity, unshakeable will, determination, and devotion to Mortherland
Domestic policy
18:02
Photo
Ambassador: Kazakhstan and Azerbaijan to сontinue developing Trans-Caspian infrastructure
Region
17:56
Video
Euronews: AIREX exhibition in Baku provided different approaches to property development
Business
17:29
Photo
Tut Əlimdən Children's Rehabilitation Center hosts celebration
Domestic policy
17:21
Strong wind expected in Baku on Sunday – Warning
Ecology
17:14
Reuters: Rubio calls for greater discipline at State Department
Other countries
16:58
Shah Deniz shareholders forecast to pay AZN 1.42 billion in profit tax in 2027
Finance
16:39
Iraq in talks with OPEC to increase oil export quota
Energy
16:22
Tokayev: Astana to support Tajikistan's bid for non-permanent UN Security Council seat in 2028-2029
Other countries