ARLANXEO, a joint venture (JV) between Saudi Aramco and German LANXESS, becomes fully owned by Saudi Aramco after purchasing the remaining 50% stake, Aramco announced in a statement on December 31,2018.

The $1.7 billion stakes comes in line with Aramco’s strategy to diversify its downstream portfolio as well as generating more revenues and enhance the company’s abilities over the energy value chain.

“ARLANXEO, now as a 100% owned Saudi Aramco subsidiary, represents an essential component to our global position in the chemicals market. Full ownership of ARLANXEO will further diversify Saudi Aramco’s downstream portfolio and strengthen capabilities along the energy and chemicals value chains. I am positive about the upside and the future of product innovation that will serve our customers around the world,” Abdulaziz Al-Judaimi, Saudi Aramco Senior Vice President of Downstream, said.

ARLANXEO will remain at its current base in Netherlands and will continue serving the development, production, marketing, sale and distribution of specialty chemicals and synthetic rubber products.