Saudi Aramco completed the acquisition of a 70% stake in Saudi Basic Industries from PIF for $69bn.

Saudi Aramco, a Saudi Arabian national petroleum and natural gas company, completed the acquisition of a 70% stake in Saudi Basic Industries, a Saudi diversified manufacturing company, active in petrochemicals, chemicals, industrial polymers, fertilizers, and metals, from Saudi sovereign wealth fund Public Investment Fund for $69bn. “We are excited to complete this transaction. It is a significant leap forward which accelerates Aramco’s Downstream strategy and transforms our company into one of the major global petrochemicals players. 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," Amin Nasser, Aramco President & CEO.