Riyadh – Mubasher: The Saudi Arabian Oil Company (Saudi Aramco) is reportedly considering restructuring the acquisition deal of a majority stake in Saudi Basic Industries Corporation (SABIC), Reuters reported.
This comes after a plunge in global oil priced resulted in a drop in the petrochemicals company by more than 40%.
In March 2019, Aramco entered into a purchase agreement with the Public Investment Fund (PIF) to acquire its 70% stake in SABIC in a deal valued at $69.1 billion.
However, the stake is now seen valued at $40 billion, according to Reuters.
Aramco recently received unconditional clearance to complete the deal. Additionally, the company’s management has reiterated commitment to complete the deal.
