Saudi Petrochemical Company and Sahara Petrochemical to merge in a $2bn deal.

Saudi Petrochemical Company and Sahara Petrochemical, two Saudi Arabian petrochemical firms, agreed to merge in a $2bn deal. The new entity, Sahara International Petrochemical Company, will have combined assets worth more than $5.9bn, ranking second after the kingdom’s biggest petrochemicals firm, Saudi Basic Industries. Upon completion of the merger deal, all Sahara’s shares will be delisted from the Saudi bourse and Sahara will become a wholly-owned subsidiary of Sipchem, the Saudi petrochemical manufacturer said.