SAUDI BASIC INDUSTRIES CORPORATION (SABIC) ANNOUNCES THE COMPLETION OF SAUDI ARAMCO ACQUISITION OF PUBLIC INVESTMENT FUND (PIF) STAKE IN (SABIC)

Saudi Basic Industries Corporation (SABIC) announces the completion of Saudi Aramco acquisition of Public Investment Fund (PIF) stake in (SABIC). The parties signed the final agreement on Tuesday 24 Shawwal 1441 corresponding to June 16, 2020. Saudi Aramco becomes a major shareholder in SABIC with ownership of 70% of capital.
The transaction will support the realization of the vision of the Kingdom of Saudi Arabia 2030. It will be a key pillar for SABIC to continue as the leader of the petrochemical industry in Saudi Arabia, and reinforcing its strategy to become the world leader in chemicals. It will also strengthen Saudi Aramco's position to become one of the world's largest integrated energy and chemical companies. In addition, it will support the Public Investment Fund to re-invest the significant capital in potential new sectors that will contribute to the long-term diversification of Saudi Arabia's income.