EU clears Saudi Aramco’s SABIC stake acquisition

Mar 01, 2020
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Global energy giant Saudi Aramco received unconditional EU antitrust approval for its $69.1 billion offer to acquire a 70 per cent stake in petrochemicals manufacturer Saudi Basic Industries Corp (SABIC).

The European Commission cleared the deal on Thursday, according to a statement.

Saudi Aramco announced the deal in March last year, marking one of the biggest transactions in the chemicals industry.

Aramco has been increasing its investments in refining and petrochemicals to secure new markets for its crude, as it sees growth in chemicals as central to its downstream expansion strategy. The company announced plans to increase its refining capacity from 4.9 million to 8-10 million barrels per day by 2030.

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