Aramco Completes Acquisition of 70% Stake in SABIC

Aramco has announced the successful completion of its share acquisition of a 70% stake in Saudi Basic Industries Corp. (SABIC) from the Public Investment Fund (PIF), the sovereign wealth fund of Saudi Arabia, for a total purchase price of SAR 259.125 billion ($69.1 billion), equating to SAR 123.39 ($32.89) price per share. The acquisition enhances … Read more

Aramco in Talks with Banks to borrow $10bn to Finance SABIC Acquisition

Saudi Aramco is in early discussions with lenders for a loan of approximately $10 billion to help fund its purchase of a 70% stake in Saudi Basic Industries Corp (SABIC), according to a Reuters report. Last year, Aramco agreed to buy SABIC’s majority stake from the Kingdom’s wealth fund for $69.1 billion, signing one of … Read more

SABIC Increases Its Stake in Clariant to 31.5%

SABIC (Saudi Basic Industries Corporation) said on Tuesday that it had raised its stake in specialty chemicals maker Clariant. The state-owned company now owns 31.5% in Clariant, up from 24.99% previously, it said in a filing. The increase in stake holding was just short of the one-third ownership that would trigger a mandatory offer for … Read more

SABIC, Yokogawa Sign Strategic Collaboration Agreement

Saudi Basic Industries Corporation (SABIC) announced that it has entered into a strategic alliance framework agreement to accelerate collaboration with Yokogawa Electric Corporation. The agreement includes selection of Yokogawa as a preferred supplier of control systems. Under this alliance agreement, Yokogawa will promote localization in Saudi Arabia, and its integrated control systems and safety instrumented … Read more

Sabic to Invest in Methanol Plant in Russian Far East

Sabic (Saudi Basic Industries Corporation) signed a preliminary agreement with the state-controlled Russian Direct Investment Fund and Moscow-based ESN Group for a potential investment in a methanol plant in the Russian Far East, as the Middle East’s biggest petrochemicals producer looks to expand its international footprint. The agreement, part of a broad range of pacts … Read more

Clariant, Sabic Talks on Specialties JV Collapse, Clariant to Divest Masterbatches

Clariant and SABIC have agreed to temporarily suspend the discussions on the intended business combination High Performance Materials (HPM), consisting of Clariant’s Additives and high value Masterbatches and parts of SABIC’s Specialties business. The JV talks with Saudi Basic Industries (SABIC) had been shelved due to differences over price, which comes as a further setback … Read more

Air Liquide Signs $140M Supply Agreement with ExxonMobil-Sabic JV and will Build New ASU

Air Liquide has signed a long-term agreement with Gulf Coast Growth Ventures (GCGV), a 50/50 joint venture between ExxonMobil and SABIC, to supply oxygen and nitrogen from its industrial gas pipeline network to GCGV’s planned ethane cracker facility located near Corpus Christi, in Texas. To support the new agreement and additional volumes, Air Liquide plans … Read more

SABIC Plans to Merge Two of its Fully-owned Subsidiaries

Saudi Basic Industries Corporation (SABIC) intends to combine its two wholly owned subsidiaries, the Saudi Petrochemical Company (SADAF) and the Arabian Petrochemical Company (PETROKEMYA). The petrochemical giant said in a market report on Wednesday that SADAF will be fully merged into PETROKEMYA on the basis of the valuation set out in its latest financial statements. … Read more

Eni and SABIC will Jointly Develop Natural Gas Conversion Tech to Produce Fuels and Chemicals

Eni and SABIC have signed a Joint Development Agreement to further develop an innovative technology for natural gas conversion into synthesis gas that can be further transformed into high value fuels and chemicals, such as methanol. The partnership will involve, among other activities, the construction of an Industrial Demonstration Plant that will be built and … Read more