- QatarEnergy selects Nakilat to own and operate 25 conventional LNG vessels
- The joint development of the Dorra field between Saudi Arabia and Kuwait is pending the demarcation of the border with Iran
- Minister of Energy reaffirms the UAE’s commitment to adopting clean energy and supporting the Paris Agreement
- The new Hassi Messaoud refinery enjoys the support of the government and President Tebboune
- Increasing electrical interconnection capacities to export electricity beyond borders
- Qatar Energy stops sending liquefied gas tankers through the Red Sea for security reasons
- The inauguration of the Duqm Refinery, the largest joint Gulf project in the refinery sector
- Saudi oil exports are faltering due to Houthi attacks on ships in the Red Sea and Gulf of Aden
- Algeria to host and chair the Gas Exporting Countries Forum summit (February 29 to March 2, 2024)
- Egypt Energy Conference and Exhibition 2024 gives a strong impetus to the global energy dialogue
Saudi Arabia: Aramco commits to pay $69 billion to buy a 70% stake in SABIC
Aramco will pump large sums ($ 69 billion) to the Public Investment Fund, which is the main financier of the Kingdom’s ambitious economic program, in exchange for its acquisition of a majority stake in the Saudi Basic Industries Corporation (SABIC), which is forced to pay a large part of the deal price by borrowing. This is in line with the long-term strategy of the refining, processing and marketing sector in Saudi Arabia aimed at developing its integrated capabilities in the areas of refining and petrochemicals, and creating value from integration in the hydrocarbon chain.
SABIC is a global chemicals company with a diversified business portfolio, and is headquartered in Riyadh, Kingdom of Saudi Arabia. The company operates global manufacturing operations in the Americas, Europe, the Middle East and the Asia Pacific region. Three companies belong to SABIC: the Jubail Petrochemical Company (Kimya), the Saudi Yanbu Petrochemical Company (Yanbu), and the Eastern Petrochemical Company (Sharq).
Yasser Othman Al-Rumayyan, Governor of the Public Investment Fund (PIF), said: “This is an important achievement for three of the most important entities in the Kingdom of Saudi Arabia, as it provides capital for the long-term investment strategy of the Public Investment Fund that drives economic transformation and growth in the Kingdom, and supports the continuous growth of Aramco in the field of refining, processing and marketing, and strengthening its international presence, also gives (SABIC) a new strategic shareholder focused on the energy industry with the ability to support growth projects. “
Amin Nasser, President and CEO of Aramco, said: “We are excited to complete this transaction. Despite the COVID-19 pandemic that has forced many companies to rethink and review their long-term strategies, our long-term focus, financial strength and resilience enabled us to close this historic bargain. It marks the beginning of a new chapter in the history of Aramco and SABIC, and is an important milestone in our long-term strategy. “
Yousef Al-Bunyan, SABIC Vice Chairman and CEO, said: “(SABIC) expresses its gratitude to His Excellency Yasser Al-Rumayyan for the strong and continuous support we have received from the Public Investment Fund (PIF). The global reach of SABIC and Aramco will bring significant improvements and benefits to both of them. It will support the Saudi Vision 2030 strategy.
