Saudi Arabia’s Aramco has secured unconditional clearance from the European Commission to obtain a majority stake in SABIC, Reuters reported.
This clearance symbolizes the last major hurdle that the Saudi Arabian company faces completing the deal. The deal is worth a reported $69 billion in return for a 70% share in SABIC and is now only subject to the customary remaining conditions contained in the Share Purchase Agreement.
SABIC is at current the region’s largest petrochemical company. This is part of a larger project whereby Saudi is trying to move away from their dependence on crude oil sales. In addition to this, there was an announcement in February of a $110 billion project to develop a gas field in the east of Saudi.