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  • Saudi Aramco buys SABIC shares on market as it completes acquisition

    Four transactions were executed on the Saudi exchange, known as Tadawul, involving SABIC shares worth 259,125 billion riyals ($69.1) billion, Tadawal data showed, without naming the buyer.

  • SABIC EGM paves way for integration into Aramco

    SABIC has paved the way for its integration into Saudi Aramco after a majority of the petrochemical giant’s shareholders voted to amend a total of its corporate 34 bylaws.

  • Saudi Aramco says acquisition of SABIC stake on track to close in second quarter

    Saudi Aramco (2222.SE) said on Tuesday its planned acquisition of a 70% equity stake in petrochemical maker SABIC (2010.SE) from the Public Investment Fund (PIF), the kingdom’s wealth fund, is on track to close in the second quarter. The statement by the state oil giant was made in response to a Reuters story published on Sunday saying that Aramco is looking to restructure its deal for a controlling stake in SABIC after the target’s value dropped more than 40% following an oil price slump in the coronavirus pandemic, according to two sources.

  • Saudi Aramco seeking to review price of SABIC deal

    Saudi Aramco is looking to restructure its deal to acquire a controlling stake in petrochemicals maker SABIC after a more than 40% drop in SABIC’s value following a slump in oil prices in coronavirus pandemic, two sources told Reuters.

  • Saudi Arabia’s Sabic Suspends All But Essential Spending

    Saudi Basic Industries Corp. is suspending new capital expenditure after an oil-price slump and coronavirus-related lockdowns pushed the company into a 950 million-riyals loss ($253 million) in the first quarter. Sabic, as the Middle East’s biggest chemicals producer is known, warned that the pandemic’s impact on chemical demand would stretch into the second quarter and potentially the rest of the year. First-quarter sales dropped 18% to 30.83 billion riyals.

  • Saudi Arabia’s Sabic Boosts Clariant Stake Close to One-Third

    Saudi Basic Industries Corp. increased its stake in Clariant AG, signaling cooling relations between the two companies hasn’t dulled the Saudi petrochemical maker’s aim to expand in specialty products and additives via the Swiss company. The state-owned plastics company now owns 31.5% in Muttenz-based Clariant, it said in a filing. That’s just short of the one-third ownership that would trigger a mandatory offer for the remainder.

  • SABIC
    Saudi Arabia’s SABIC sees slowdown in 2020

    The CEO of Saudi Basic Industries Corp (SABIC), the world’s fourth-biggest petrochemicals firm, said he expects a slowdown in 2020, although it was too early to determine the impact of the outbreak of China’s coronavirus on demand. SABIC had not suspended travel or taken any other measures because of the virus, Yousef al-Benyan said at a news briefing following the company’s publication of its financial results.

  • Oil to Chemicals
    Saudi’s SABIC, Aramco set to decide on oil to chemicals project

    The complex, which the partners originally planned to build at Yanbu on the kingdom’s western coast, is expected to process 400,000 barrels a day of crude and produce about 9 million tons of chemicals and base oils annually. Olivier Thorel, Aramco’s executive director for chemicals, said in December that the project was progressing more slowly than anticipated.

  • Power
    Saudi’s ACWA Power collaborates with SABIC in localisation push

    Saudi Arabia-based developer and operator of power generation and water desalination projects, ACWA Power has inked a memorandum of understanding (MoU) with Tadawul-listed Saudi Basic Industries Corporation (SABIC) to boost localisation within the kingdom’s economy and create job opportunities for Saudi nationals.

  • Petrochemicals
    SABIC boss urges more partnerships among petrochemical companies in the Middle East

    “Strategic partnerships are a winning proposition,” he said. “In the Middle East, 55 percent of total chemical capacities are run in partnership mode, significantly higher than the global average. But he added that industry players had been conservative in striking meaningful partnerships outside the region.