Saudi national oil company Aramco agrees to buy 70% of state petrochemicals firm Sabic for $69.1 billion
DUBAI—Saudi Arabia’s national oil company has agreed to buy a majority stake in the kingdom’s petrochemicals firm for $69.1 billion, people familiar with the deal said, giving Crown Prince Mohammed bin Salman’s agenda a giant jolt of cash.
Aramco, as Saudi Arabian Oil Co. is known, plans to buy 70% of Saudi Basic Industries Corp., or Sabic, from the kingdom’s sovereign-wealth fund, the Public Investment Fund, under the terms of the deal, the people said. Saudi officials could announce the plan as soon as Wednesday evening...
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