Saudi Basic Industries Corporation (SABIC) plans to continue its development strategies regardless of Saudi Aramco’s shares acquisition, Reuters reported.
The company’s plans will not be affected by the 70% stake purchased by Saudi Aramco for around $69.1 billion. On the contrary, that transaction will enable SABIC to boost its growth and development targets.
Saudi Aramco will rely on SABIC as if it is its chemical arm, which will enhance the latter’s position as the world’s largest petrochemicals company, according to SABIC’s CEO, Yousef Al-Benyan, who told Reuters in a phone interview.
The deal between the two companies will take from six to 12 months to finish and it will not affect SABIC’s management or balance sheet, Al-Benyan added.