Saudi Aramco plans to finalize the 70% shares acquisition of Saudi Basic Industries Corporation (SABIC) by 2020, Reuters reported.

Aramco announced on March 27 acquiring SABIC’s 70% stake for $69.1 billion to develop its downstream growth plans and boost its petrochemicals production capacity.

Aramco’s revenues reached around $315.24 billion by the end of 2018, with a net income of around $111.07 billion. With an aim to increase its refining capacity from 4.9 million to 8-10 million barrels per day (b/d) by 2030, Aramco’s downstream growth is likely to surge.