March 27, 2019 – Saudi Aramco has acquired a 70 percent majority stake in Saudi Basic Industries Corporation (SABIC). The acquisition from the Kingdom’s Public Investment Fund (PIF) will boost the company’s downstream growth plans while expanding its geographic presence through SABIC’s global operations. Currently, Saudi Aramco and SABIC have petrochemicals production capacity of 17 and 62 million tons per year, and Saudi Aramco has further plans to increase its refining capacity from 4.9 million to 8-10 million barrels per day by 2030.
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