Oil giant Saudi Aramco completes $70bn takeover of SABIC

Oil giant Saudi Aramco completes $70bn takeover of SABIC

Aramco will push back the bulk of installments until after 2022 and delay the final one by three years until 2028. Aramco announced new terms on Wednesday as it completed the purchase of a 70 per cent stake in SABIC from Saudi Arabia's sovereign wealth fund.. The oil producer will make its first payment of $7bn to the Public Investment Fund on August 2, Aramco said in a statement to the stock exchange in Riyadh.. The deal effectively transfers cash from one arm of the Saudi state to another.. The PIF lies at the heart of Saudi Arabia's economic transformation plan known as Vision 2030, which aims to reduce its reliance on oil.. It also added Ziad Thamer Al Murshed, vice president of international operations, and Oliver Gerard Thorel, vice president of chemicals, to the SABIC board..