{"id":358053,"date":"2020-06-18T11:22:22","date_gmt":"2020-06-18T05:52:22","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=358053"},"modified":"2020-06-18T11:59:12","modified_gmt":"2020-06-18T06:29:12","slug":"saudi-aramco-completes-69-billion-sabic-stake-deal-extends-schedule","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/saudi-aramco-completes-69-billion-sabic-stake-deal-extends-schedule\/","title":{"rendered":"Saudi Aramco completes $69 billion SABIC stake deal, extends schedule"},"content":{"rendered":"<p>RIYADH\/DUBAI: Saudi Aramco has completed its purchase of a 70 per cent stake in petrochemicals company Saudi Basic Industries for $69.1 billion and extended the payment period by three years to 2028, providing a cushion against weak oil prices.<\/p>\n<p>The deal values Saudi Basic Industries Corp (SABIC) at 123.39 riyals ($32.90) per share, 27.5 per cent above the company&#8217;s share price of 89.40 riyals, as the coronavirus outbreak has hurt demand for petrochemicals products and dented SABIC&#8217;s shares.<\/p>\n<p>&#8220;It is a significant leap forward, which accelerates Aramco&#8217;s downstream strategy and transforms our company into one of the major global petrochemicals players,&#8221; Aramco CEO Amin Nasser said in a statement.<\/p>\n<p>SABIC is the world&#8217;s fourth-biggest petrochemicals company.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>RIYADH\/DUBAI: Saudi Aramco has completed its purchase of a 70 per cent stake in petrochemicals company Saudi Basic Industries for $69.1 billion and extended the payment period by three years to 2028, providing a cushion against weak oil prices. The deal values Saudi Basic Industries Corp (SABIC) at 123.39 riyals ($32.90) per share, 27.5 per cent above the company&#8217;s share price of 89.40 riyals, as the coronavirus outbreak has hurt demand for petrochemicals products and dented SABIC&#8217;s shares. &#8220;It is a significant leap forward, which accelerates Aramco&#8217;s downstream strategy and transforms our company into one of the major global petrochemicals [&hellip;]<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130,191,136],"tags":[],"class_list":["post-358053","post","type-post","status-publish","format-standard","hentry","category-newspapers","category-oil-gas-the-economic-times","category-the-economic-times"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/358053","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=358053"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/358053\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=358053"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=358053"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=358053"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}