Riyadh – Mubasher: State-run Saudi Aramco has announced that it will acquire Lanxess’s stake in Arlanxeo, one of the world's largest companies which produces Synthetic rubber, at a value of EUR 1.5 billion during the coming period.

After finalising the deal, the world's largest oil producer will own the entire project, which was a joint venture (JV) between Aramco and German firms established in 2016 in Netherlands.

This transaction, which is  forecast to be completed in December 2018, will contribute to diversifying Aramco’s investments in refining, treatment, and marketing sector, according to a statement.

Being one of the world’s biggest producers of synthetic rubber, LANXESS produces hundreds of different grades of synthetic rubber designed for a diverse range of applications, making it the manufacturer with the broadest product range.