Riyadh – Mubasher: The Saudi Arabian Oil Company (Saudi Aramco) is planning to complete the acquisition of a 70% stake in the Saudi Basic Industries Corporation (SABIC) during the second quarter (Q2) of 2020, Reuters reported on Tuesday.

Aramco reportedly told Reuters about its plans to close the deal after the latter reported on Monday that the Saudi oil giant is looking to restructure the acquisition deal in light of the falling oil prices and the coronavirus (COVID-19) pandemic.

Aramco achieved SAR 62.48 billion ($16.6 billion) in net profits during Q1-20, as shown earlier by its interim financial results.