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Pipeline Safety & Operation
The new PALIMEX®-880/-855
The two-tape system reliably protects your pipeline – and saves your budget.
Learning from Failures: Moving from ‘Failure’ Cause to ‘Root’ Cause
Phil Hopkins >>> Phil Hopkins Ltd.
Nonintrusive Pipeline Internal Deposition Mapping Provides Insight to Operators
Keith Drummond / Thomas Redares >>> Halliburton
Pipeline vibrations – Measurements under difficult conditions
Dr. Patrick Tetenborg / Dr. Christian Jansen >>> KÖTTER Consulting Engineers
The challenge of descaling and extending pipelines lifetime
Luca Reinhart >>> Reinhart Hydrocleaning
Where Technology meets Nature: a unique approach to ban illegal tapping
Kristof Verwaest >>> The Sniffers
Revolutionising Pipeline Safety: Intelligent Weldment Inspection Decision System
Mohd Nazmi bin Mohd Ali Napiah / Hambali bin Chik >>> PETRONAS

Saudi Aramco signs share purchase agreement to acquire 70% majority stake in SABIC

Saudi Aramco signs share purchase agreement to acquire 70% majority stake in SABIC (Copyright Saudi Aramco)

Saudi Aramco announced the signing of a share purchase agreement to acquire a 70% majority stake in Saudi Basic Industries Corporation (SABIC) from the Public Investment Fund of Saudi Arabia, in a private transaction for SAR 259.125 billion (or SAR 123.39 per share), which is equivalent to USD $69.1 billion. The remaining 30% publicly traded shares in SABIC are not part of the transaction, and Saudi Aramco has no plans to acquire these remaining shares. The transaction is subject to certain closing conditions, including regulatory approvals.

Headquartered in Riyadh, Saudi Arabia, SABIC has global operations in over 50 countries with 34,000 employees. In 2018, SABIC’s consolidated production volume across its various business units was 75 million metric tons, and recorded net income of USD $5.7 billion, annual sales of USD $45 billion, and total assets of USD $85 billion.

The acquisition is in line with Saudi Aramco’s long-term strategy to drive growth through an enhanced Downstream portfolio by increasing global participated refining capacity from 4.9 million to 8-10 million barrels per day by 2030, of which 2-3 million barrels per day will be converted into petrochemical products. This Downstream portfolio will consume significant quantities of Arabian crude oil.

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