TOP 10
DATE
JUNE 17 2020
84
10
Saudi Aramco acquires 70 % stake in SABIC
June 2020 saw Saudi Aramco acquire a 70 % stake in SABIC , a public petrochemicals manufacturer , based in Riyadh , Saudi Arabia . The transaction - totaling US $ 69.1bn - was said to be consistent with the energy and chemical company ’ s long-term strategy to expand its integrated refining and petrochemicals capacity , as well as derive value from the hydrocarbon chain . “ The completion of this transaction marks an important step in Aramco ’ s continuous drive to develop a global integrated Downstream business designed to add value across the hydrocarbon chain . As SABIC joins the Aramco family of companies , we expect to create synergies and add value through integration in procurement , supply chain , manufacturing , marketing and sales ,” commented Abdulaziz Al-Gudaimi , Senior Vice President of Downstream , Saudi Aramco . DECEMBER 2020