Riyadh – Mubasher: State-run oil giant Aramco has signed a deal with Saudi Basic Industries Corp. (SABIC), the Middle East’s biggest petrochemicals producer, to complete the acquisition of a 70% stake in the latter. 

The deal involves organising the confidential share of information subject to article nine of the merger and acquisition regulations, SABIC said in a statement to the Saudi Stock Exchange (Tadawul) on Thursday.

Upon the completion, the takeover deal will be a major boost for SABIC to step up its strategy to be an international petrochemicals producer.

On Wednesday, Aramco unveiled the closure of a SAR 259.125 billion ($69.1 billion) agreement to dominate a 70% stake in SABIC.