Saudi Aramco completes $69 billion Sabic deal, extends payment window amid oil hit

Saudi Aramco completed the purchase of its 70% stake in the kingdom's petrochemical giant Sabic from the Saudi Public Investment Fund, one of the largest ever deals in the global chemical industry.

The state oil company also announced an extension of its $69.1 billion payment plan — to be in staggered instalments between 2020 and 2028, an increase of three years from the previous plan — as lower oil prices hit by the coronavirus pandemic take a toll on its earnings.in the first quarter of 2020. The initial deal would have seen payment completed in 2021, but was first extended late last year to 2025.

Sabic will retain its listing on the Tadawul, the kingdom's stock exchange, and will continue working within in its legal regulatory framework, the company said. The transaction "is consistent with Aramco's long-term downstream strategy to grow its integrated refining and petrochemicals capacity, and create value from integration across the hydrocarbon chain," Aramco and the PIF said in a joint press release issued Wednesday. Last year, Aramco and Sabic registered a combined petrochemicals production volume of almost 90 million tons, the statement said.

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