SABIC to benefit from Aramco's growth opportunities, investment capabilities: Al-Benyan

Saudi Basic Industries Corporation (SABIC) is forecast to benefit from the additional scale, technology, investment potential, and growth opportunitie will bring in integrated energy and chemicals production, said vice chairman and CEO, Yousef Al-Benyan.

“The global scale and presence of SABIC, one of the world’s most significant diversified chemicals companies, brings significant enhancements to Aramco”, Al-Benyan added.

He also noted that SABIC looks forward to contributing to global chemicals growth, while continuing to support Saudi Vision 2030.

The SABIC board will ensure strategic alignment and oversee further creation of value for SABIC and all of its shareholders as it becomes an important member of the Aramco group, he added in a joint statement for both companies.

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 SABIC CEO and will include 2 members from SABIC and 3 members from Aramco, according to Al-Benyan.

Saudi Aramco, announced today the successful completion of its share acquisition of a 70% stake in SABIC from the Public Investment Fund (PIF), the Saudi sovereign wealth fund of Saudi Arabia, for a total of SAR 259.125 billion (US$ 69.1 billion), Argaam reported.