Saudi Aramco has finalized its purchase of a 70% stake acquisition in petrochemicals company, Saudi Basic Industries Corporation (SABIC), from Saudi Arabia’s sovereign wealth fund, Public Investment Fund (PIF), amounting to $70 billion. The multifaceted strategic deal aligns with Aramco’s downstream objectives on growing and diversifying its integrated refining and petrochemicals capacity and PIF’s long-term investment strategy as it continues to be the engine behind Saudi Arabia’s economic transformation. Aramco and PIF restructured the payment plan, which will be completed in 2028, adding three years to the initial deadline, with the first installment of $7 billion due on August 2, 2020.
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