Riyadh – Mubasher: Saudi Arabian Oil Co, globally known as Saudi Aramco, is set to become the world’s largest gas company after acquiring a majority stake in Saudi Basic Industries Corp. (SABIC), the Saudi oil giant’s CEO said on Wednesday.
Aramco, the world’s most profitable company, plans to be active in debt markets after raising $12 billion in its first-ever international bond issue earlier in April, Khalid Al Falih added during the Financial Sector Conference (FSC) held in Riyadh.
In March, Aramco signed a deal to acquire a 70% majority stake in SABIC from the Public Investment Fund (PIF), the kingdom’s sovereign wealth fund, for $69 billion.
The world’s largest oil company is in talks to invest in Australia, along with its investments in China and the US, Al Falih revealed.
