Riyadh – Mubasher: Saudi Basic Industries Corporation (SABIC) will keep its high-valued brand and identity, the CEO of the Middle East’s biggest petrochemicals producer said.
After the 70% acquisition of Saudi Arabian Oil Co, better known as Saudi Aramco, in SABIC, the Saudi petrochemicals producer seeks to generate large revenues by operating in more than 50 markets, Yousef Al Benyan added during an interview with Al Arabiya.
The CEO further indicated that the two firms will form a team to explore potential investments.
Earlier on Thursday, the oil giant Aramco inked an agreement with SABIC to complete the acquisition of a 70% stake in the latter.
On Wednesday, the largest international oil company unveiled the closure of a SAR 259.125 billion ($69.1 billion) deal for dominating a 70% stake in the giant petrochemicals firm.
SABIC last reported a 16.87% rise in net profits after calculating Zakat and tax during the full-year 2018, logging SAR 21.54 billion.
