{"id":21297,"date":"2020-06-18T08:08:37","date_gmt":"2020-06-18T06:08:37","guid":{"rendered":"https:\/\/php8.plastv.de\/?p=21297"},"modified":"2020-06-17T12:10:00","modified_gmt":"2020-06-17T10:10:00","slug":"aramco-completes-its-acquisition-of-a-70-stake-in-sabic-from-the-public-investment-fund","status":"publish","type":"post","link":"https:\/\/plas.tv\/?p=21297","title":{"rendered":"Aramco completes its acquisition of a 70% stake in SABIC from the Public Investment Fund"},"content":{"rendered":"<ul>\n<li><em>Combines strengths and interests of two global companies to accelerate Aramco\u2019s downstream strategy and leverage petrochemicals growth opportunities.<\/em><\/li>\n<li><em>Positions Aramco as one of the major global petrochemicals players.<\/em><\/li>\n<\/ul>\n<p>Aramco has announced the successful completion of its share acquisition of a 70% stake in Saudi Basic Industries Corporation (SABIC) from the Public Investment Fund (PIF), the sovereign wealth fund of Saudi Arabia, for a total purchase price of SAR 259.125 billion (US$ 69.1 billion), equating to SAR 123.39 price per share.<\/p>\n<p>The completion of the transaction enhances Aramco\u2019s presence in the global petrochemicals industry, a sector expected to record the fastest growth in oil demand in the years ahead.\u00a0 Combined, in 2019 Aramco and SABIC recorded petrochemicals production volume of nearly 90 million tonnes, including agri-nutrient and specialty products.<\/p>\n<p>The acquisition of the SABIC stake is consistent with Aramco\u2019s long-term Downstream strategy to grow its integrated refining and petrochemicals capacity and create value from integration across the hydrocarbon chain. It specifically enhances\u00a0 Aramco\u2019s chemicals strategy by transforming Aramco into one of the major global petrochemicals players; integrating upstream production with SABIC feedstock; expanding capabilities in procurement, supply chain, manufacturing, marketing and sales; complementing geographic presence, projects and partners; and increasing the resilience of cash flow generation with synergistic opportunities. SABIC expects also to benefit from Aramco\u2019s Downstream chemicals feedstock production, and ability to invest in and execute major growth projects at a very large scale.<\/p>\n<p><strong>H.E. Yasir Othman Al-Rumayyan, Governor, Public Investment Fund (PIF) <\/strong>said: <em>\u201cThis is a significant milestone for three of Saudi Arabia\u2019s most important entities. It provides capital for PIF\u2019s long-term investment strategy as it drives the economic transformation and growth of\u00a0 Saudi Arabia, further benefitting the people of our country; it supports\u00a0 Aramco\u2019s continued growth in Downstream and enhances its international footprint; and, it provides SABIC a new strategic energy industry focused shareholder with the ability to support growth projects.\u201d<\/em><\/p>\n<p><strong>Amin Nasser, President &amp; CEO, Aramco<\/strong> said: <em>\u201cWe are excited to complete this transaction. It is a significant leap forward which accelerates Aramco\u2019s 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\u2019s chemicals platform is expected to create opportunities for selective integration synergies that support growth and add value for shareholders.\u201d<\/em><\/p>\n<p><em>\u00a0<\/em><em>\u201cDespite the COVID-19 pandemic forcing many companies to rethink or revise their long term strategies, our long-term focus, financial strength and resilience have enabled us to complete this historic deal.\u00a0\u00a0 It marks the beginning of a new chapter in the history of both companies and is an important marker in delivering our long term Downstream strategy.\u201d<\/em><\/p>\n<p><em>\u00a0<\/em><strong>Abdulaziz Al-Gudaimi, Senior Vice President of Downstream, Aramco <\/strong>said:<em> \u201cThe completion of this transaction marks an important step in Aramco\u2019s 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.\u201d<\/em><\/p>\n<p><em>\u00a0<\/em><strong>Yousef A. Al-Benyan, Vice Chairman and CEO, SABIC <\/strong>said: <em>\u201cSABIC\u2019s relationship with PIF and Aramco goes back to our inception in 1976. SABIC is grateful to His Excellency Yasir Al-Rumayyan for the strong and constant support we have received from both him and PIF. The global scale and presence of SABIC, one of the world\u2019s most significant diversified chemicals companies, brings significant enhancements to Aramco.\u00a0As the chemicals growth platform, SABIC expects to benefit from the additional scale, technology, investment potential, and growth opportunities Aramco will bring in integrated energy and chemicals production. We look forward to contributing to global chemicals growth, while continuing to support Saudi Vision 2030.\u201d<\/em><\/p>\n<p><em>\u00a0<\/em>As the new majority shareholder of SABIC, Aramco has the ability to elect the majority of SABIC\u2019s directors.\u00a0 The SABIC board will ensure strategic alignment, and oversee further creation of value for SABIC and all of its shareholders as SABIC becomes an important member of the Aramco group.<\/p>\n<p>A Corporate Collaboration and Integration Committee has also been established to make recommendations on collaboration and integration matters expected to create value for SABIC in particular and for the Aramco group as a whole. This committee will be chaired by the SABIC CEO and will include two other members from SABIC and three members from Aramco.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Aramco has announced the successful completion of its share acquisition of a 70% stake in Saudi Basic Industries Corporation from the Public Investment Fund&#8230;<\/p>\n","protected":false},"author":2,"featured_media":8848,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,16],"tags":[],"series":[],"class_list":["post-21297","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-plas-tv-meldungen-auf-der-startseite-unterhalb-slider","category-plast-tv-textmeldungen"],"_links":{"self":[{"href":"https:\/\/plas.tv\/index.php?rest_route=\/wp\/v2\/posts\/21297","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/plas.tv\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/plas.tv\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/plas.tv\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/plas.tv\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=21297"}],"version-history":[{"count":1,"href":"https:\/\/plas.tv\/index.php?rest_route=\/wp\/v2\/posts\/21297\/revisions"}],"predecessor-version":[{"id":21298,"href":"https:\/\/plas.tv\/index.php?rest_route=\/wp\/v2\/posts\/21297\/revisions\/21298"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/plas.tv\/index.php?rest_route=\/wp\/v2\/media\/8848"}],"wp:attachment":[{"href":"https:\/\/plas.tv\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=21297"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/plas.tv\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=21297"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/plas.tv\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=21297"},{"taxonomy":"series","embeddable":true,"href":"https:\/\/plas.tv\/index.php?rest_route=%2Fwp%2Fv2%2Fseries&post=21297"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}