Aramco-SABIC Deal Receives Clearance From the European Commission

Business

March 2nd, 6:00am

Asharq Al-Awsat

The Saudi Aramco logo. (File photo: Reuters)

Saudi Aramco said on Sunday that its proposed acquisition of a 70% majority stake in Saudi Basic Industries Corporation (SABIC) from the Public Investment Fund of Saudi Arabia (PIF) has received unconditional clearance from the European Commission. The proposed acquisition has now received unconditional clearance in all jurisdictions in which pre-notification antitrust filings are required, Aramco said in a press briefing published on Riyadh's Tadawul stock exchange website. The closing of the proposed transaction is subject to the remaining customary closing conditions contained in the Share Purchase Agreement, the statement added. The world’s largest oil producer has signed a deal in March to buy a 70% stake in SABIC from the kingdom’s wealth fund for $69.1 billion in one of the biggest deals in the global chemical industry. This step is a key part of Aramco’s strategy of moving downstream from oil production into chemicals. Earlier, Aramco received regulatory approval to develop Saudi Arabia’s Jafurah non-associated gas field which has 200 trillion cubic feet of raw gas. The step aims to make OPEC become a gas exporter in the future.

from Asharq AL-awsat https://aawsat.com/english/home/article/2158321/aramco-sabic-deal-receives-clearance-european-commission