Energy

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

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A Saudi Aramco logo sits on display during the Abu Dhabi International Petroleum Exhibition & Conference in Abu Dhabi, United Arab Emirates, on Nov. 13, 2018.

Christopher Pike | Bloomberg | Getty Images

Saudi Aramco completed the purchase of its 70% stake in the kingdom’s petrochemical giant Sabic from the Saudi Public Investment Fund, it announced Wednesday, tying the knot on one of the largest ever deals in the global chemicals 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…



Source cnbc.com

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