Saudi Aramco purchases 70 pct of SABIC's shares

RIYADH, March 27 (Xinhua) -- Saudi petroleum company Aramco Wednesday announced the signing of an agreement to acquire 70 percent of shares of the Saudi Basic Industries Corporation (SABIC) from the Public Investment Fund for 69.1 billion U.S. dollars.

The remaining 30 percent shares in SABIC are not part of the transaction, and Saudi Aramco has no plans to acquire the remaining shares, said a statement by the Saudi Press Agency.

The transaction is subject to certain closing conditions, including regulatory approvals, the statement said.

Based in Riyadh, Saudi Arabia, SABIC has global operations in over 50 countries with 34,000 employees. In 2018, SABIC's consolidated production volume across its various business units was 75 million metric tons, with a recorded net income of 5.7 billion U.S. dollars.