DUBAI: Saudi Aramco has sealed the $69.1 billion acquisition of a 70 percent stake in SABIC, creating a new force in the global petrochemicals industry. SABIC and Saudi Aramco are looking at opportunities for integration with existing facilities to maximise the economic value while evaluating the optimal technical options and market risks. Fitch has cut the outlook of Saudi Arabia, Aramco and Sabic to negative on concerns of the sovereign’s weakening balance sheet. Aramco, SABIC award crude-oil-to-chemicals PMC, FEED contract to Wood . Aramco announced new terms on Wednesday as it completed the purchase of a 70% stake in Sabic from Saudi Arabia’s sovereign wealth fund. Being an energy leader in a world of changing energy demand, we embrace our role to find effective energy solutions. Saudi Aramco to buy 70% stake in petrochemical giant SABIC for $69bn . SABIC is the third-largest polyethylene manufacturer, the fourth-largest polyolefins manufacturer, and the fourth-largest polypropylene manufacturer. “SABIC and Saudi Aramco remain committed to continue advancing crude to chemicals technologies through existing development programs with the goal to increase cost efficiency, competitiveness and value creation opportunities for petrochemicals,” SABIC said. Shortly after Saudi Aramco said on March 27 that it would pay $69.1 billion to the Public Investment Fund (PIF) for a 70% stake in the Saudi Basic Industries Corporation (SABIC) reports stated that Saudi Aramco was deemed the most profitable company in the world in 2018. 70% of SABIC's shares are owned by Saudi Aramco.[2]. The company is based in Riyadh and has interests in 17 affiliated companies, which range from full ownership to significant partial participation. Thirdly: Employees. Saudi Aramco’s $69.1 billion deal to purchase a majority shareholding of Saudi Basic Industries Corp (SABIC) is a key pillar in the oil giant’s growth strategy, a … We understand the importance of managing precious natural resources. On March 27, 2019, SABIC announced that state-owned energy company Saudi Aramco signed a share purchase agreement to acquire a 70% majority stake in SABIC from the Public Investment Fund of Saudi Arabia in a private transaction worth $69.1 billion. Pursuing low carbon energy solutions, and strategically investing for growth. It specifically enhances Aramco’s chemicals strategy by transforming Aramco into one of the major global petrochemicals players; integrating upstream production with SABIC feedstock; expanding capabilities in procurement, supply chain, manufacturing, marketing and sales; complementing geographic presence, projects and partners; and increasing the resilience of cash flow generation with synergistic opportunities. https://www.reuters.com/article/saudi-aramco-sabic-project-int-idUSKBN2730OB Tackling the global climate issue is the great challenge of our time. Saudi Aramco and its petrochemical subsidiary SABIC are re-evaluating the scope of their US$20 billion (€17 billion) crude-oil-to-chemicals (COTC) complex at Yanbu. Carry on browsing if you're happy with this, or find out how to manage. Saudi Aramco and Sabic are jointly developing a COTC complex in Yanbu, which is due to commence operations in 2025. Reuters; October 19, 2020, 07:34 IST We are committed to providing you with a productive and privacy-friendly website experience. View Carbon Capture, Utilization & Storage. Read: Saudi Aramco to buy SABIC in $69bn chemicals mega-deal. Saudi Basic Industries Corporation (Arabic: الشركة السعودية للصناعات الأساسية ), known as SABIC (Arabic: سابك ), is a Saudi Arabian multinational chemical manufacturing company, and a subsidiary of the state-owned petroleum and natural gas company Saudi Aramco.It is active in petrochemicals, chemicals, industrial polymers, fertilizers, and metals. The strategic integration of our Upstream production and Downstream chemicals feedstock production with SABIC’s chemicals platform is expected to create opportunities for selective integration synergies that support growth and add value for shareholders.”, “Despite the COVID-19 pandemic forcing many companies to rethink or revise their long term strategies, our long-term focus, financial strength and resilience have enabled us to complete this historic deal. Aramco will buy the stake in the petrochemical company, the Saudi Basic Industries Corporation, known as Sabic, currently held by the country’s … The SABIC board will ensure strategic alignment, and oversee further creation of value for SABIC and all of its shareholders as SABIC becomes an important member of the Aramco group. Aramco, in mid-June, completed its purchase of a 70% stake in Saudi Basic Industries Corp. (Sabic) from the Public Investment Fund (PIF). [17] As of 2014, SABIC Innovative Plastics[18] is a multibillion-dollar company with operations in more than 25 countries and over 9,500 employees worldwide. Global demand for energy is growing, and we are committed to ensuring a sustainable energy future. A representative for Aramco said it doesn’t comment on rumor or speculation. “Clariant will … Saudi Aramco today 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. Saudi Aramco will scale back a planned $20 billion crude-to-chemicals plant as it seeks to cut spending and preserve the world’s biggest dividend amid a slump in oil and petrochemical prices. The purchase of DSM signified SABIC's intent to expand and become a true global company. Saudi Aramco and Saudi Basic Industries Corp. (Sabic) will re-evaluate the scope of a planned crude-to-chemicals project in the kingdom as they seek to reduce spending amid a slump in prices for their products. Saudi Aramco Delays Payment on Sabic Acquisition by Four Years. A Corporate Collaboration and Integration Committee has also been established to make recommendations on collaboration and integration matters expected to create value for SABIC in particular and for the Aramco group as a whole. In July 2002, SABIC commenced operations in Europe after the $2 billion acquisition of the petrochemicals business of Dutch group DSM. Tuesday trading: SABIC, Aramco edge up. Combined, in 2019 Aramco and SABIC recorded petrochemicals production volume of nearly 90 million tonnes, including agri-nutrient and specialty products. Aramco today announced the successful completion of its share acquisition of a 70% stake in Saudi Basic Industries Corporation (SABIC) from the Public Investment Fund (PIF), the sovereign wealth fund of Saudi Arabia, for a total purchase price of SAR 259.125 billion (US$ 69.1 billion), equating to SAR 123.39 price per share. Thirdly: Employees. Producing the products that drive our economy. The world's largest oil producer Saudi Aramco has agreed to buy a 70 percent stake in Saudi Basic Industries Corp (SABIC) from the kingdom's wealth fund for … SABIC is a market leader in key products such as ethylene, ethylene glycol, methanol, MTBE and polyethylene. The headquarters of the Saudi Basic Industries Corporation, known as Sabic, in Riyadh. SABIC was the world's fourth-largest chemical producer in 2013. That same year, Bloomberg ranked SABIC as the 13th-largest company in the world in terms of market capitalization (at the beginning of 2005 it exceeded ر.س 375 billion, the equivalent of US$100 billion) and the second-largest by market value outside the US and UK.[13]. The … Measured over all its branches, it became (as of 2014) the world's 98th-largest corporation on the Forbes Global 2000 ranking (which lists only publicly traded companies), with sales revenues of $50.4 billion, profits of $6.7 billion and assets standing at $90.4 billion.[6]. As the new majority shareholder of SABIC, Aramco has the ability to elect the majority of SABIC’s directors. Saudi Basic Industries Corporation(Sabic) and Saudi Aramco have reportedly decided to reassess their USD 20 billion crude-oil-to-chemical projects in a bid to cut spending amid the COVID-19 pandemic. In a statement on Sunday, SABIC said the two companies were now considering the integration of Saudi Aramco’s existing refineries in Yanbu with a mixed feed steam cracker and downstream olefin derivative units. A representative for Aramco said it doesn’t comment on rumor or speculation. Saudi Aramco and SABIC reassess crude-oil-to-chemicals project. Meanwhile, Aramco is due to complete, in the first half of 2020, the acquisition of a 70% stake in Sabic for $69.1 billion, which, after adding its own chemical assets in Saudi Arabia and overseas, will make it one of the top chemical players worldwide in revenue and capacity terms. The COTC complex is expected to process 400,000 barrels per day of crude oil, which will produce … Read the full Cookie Policy. In collaboration with Saudi Aramco, SABIC will be the Chemicals growth platform of Saudi Aramco, which reinforces SABIC’s strategy to become the world leader in chemicals. The decision comes as oil companies globally re-assess energy projects to conserve cash, with a collapse in demand caused by the coronavirus pandemic threatening to keep crude prices weak for a long time. (AFP file photo) Short Url. The global scale and presence of SABIC, one of the world’s most significant diversified chemicals companies, brings significant enhancements to Aramco. DUBAI: Saudi Aramco has sealed the $69.1 billion acquisition of a 70 percent stake in SABIC, creating a new force in the global petrochemicals industry. The decision comes as oil companies across the globe are re-evaluating their energy projects to preserve cash, with a decrease in demand caused by the pandemic threatening to keep crude oil … A quieter, but no less significant, story was Saudi Aramco’s acquisition of SABIC. Saudi Aramco, which is the world’s biggest exporter of crude oil, has been diversifying more into downstream … Production in 1985 was 6.5 million tons; five years later production rose to 13 million tons and by 2003 production had risen to 42 million metric tons and by 2012 to over 60 million tons. ], SABIC reported preliminary consolidated financial results for the period ended September 30, 2010. Aramco last year agreed to buy a 70% stake in Saudi Basic Industries Corp (SABIC) from the Public Investment Fund (PIF), the kingdom's wealth fund, for $69.1 billion, in … Saudi Aramco started trading on the Saudi stock exchange Tadawul in December. Saudi Aramco announced in August that it had begun preliminary talks regarding the purchase of the SABIC shares from the PIF, which has become the kingdom’s investment vehicle for Saudi Vision 2030. Working hard to develop new, more efficient ways to convert crude oil into chemicals. SABIC employs more than 40,000 people globally and has 60 manufacturing and compounding plants in over 40 countries.[8]. We believe in the power of energy to transform lives. Aramco last year agreed to buy a 70% stake in Saudi Basic Industries Corp (SABIC) from the Public Investment Fund (PIF), the kingdom’s wealth fund, for $69.1 billion, in … Indeed, both IOCs have a very large presence in both the downstream and upstream and are gradually trying to dominate the natural gas industry and downstream. [7], SABIC's founding transformed the small fishing villages of Jubail on the Persian Gulf and Yanbu on the Red Sea into modern industrial cities. [4] By the end of 2018 SABIC was the world's 281th-largest corporation. “SABIC and Saudi Aramco remain committed to … Argaam. [12] SABIC Europe, SABIC's European subsidiary, produces over 2 million metric tonnes of polymers and over 5 million metric tonnes of basic chemicals. SABIC CEO Yousef Al-Benyan had previously stated, in November 2017, that the company was looking to spend $3bn-$10bn on acquisitions over the next 10 years. On Wednesday, March 27, the Saudi national oil company, Saudi Aramco, announced that it had reached an agreement to acquire the Saudi petrochemicals company, SABIC, for $69.1 billion. It is expected that the transaction will provide significant growth opportunities, which are expected to enhance career opportunities. It employs over 3,000 people and has two major manufacturing locations in Geleen in the Netherlands and Gelsenkirchen in Germany. On Sunday, Aramco said its proposed takeover of SABIC had now received clearance from all jurisdictions where it was being reviewed by the antitrust authorities. SABIC expects also to benefit from Aramco’s Downstream chemicals feedstock production, and ability to invest in and execute major growth projects at a very large scale. Saudi Aramco completed the purchase of its 70% stake in the kingdom's petrochemical giant Sabic from the Saudi Public Investment Fund, one of the … SABIC has issued three billion shares, which are trading in a narrow range at about $32.5 a share, for a capitalization of about $98 billion, valuing PIF’s share to be bought by Saudi Aramco at about $70 billion, close to the agreed-upon acquisition price of $69.1 billion. Saudi Aramco Delays Payment on Sabic Acquisition by Four Years. As SABIC joins the Aramco family of companies, we expect to create synergies and add value through integration in procurement, supply chain, manufacturing, marketing and sales.”, Yousef A. Al-Benyan, Vice Chairman and CEO, SABIC said: “SABIC’s relationship with PIF and Aramco goes back to our inception in 1976. In a statement on Sunday, SABIC said the two companies were now considering the integration of Saudi Aramco’s existing refineries in Yanbu with a mixed feed steam cracker and downstream olefin derivative units. SABIC’s strategy will support Saudi Aramco’s strategy and the Kingdom’s 2030 vision. Pioneers and innovators, scientists and engineers - dreamers and thinkers; our people are our most important asset. [citation needed], According to the 2019 Fortune Global 500 list, SABIC reported $45.1 billion in revenues and $5.7 billion in profits for the 2018-2019 FY, ranking it in fourth place among chemical companies and #252 in the list. The UK’s Wood Group and America’s KBR are respectively delivering project management and Feed services for the plant, which will create 30,000 jobs in Saudi … The acquisition of the SABIC stake is consistent with Aramco’s long-term Downstream strategy to grow its integrated refining and petrochemicals capacity and create value from integration across the hydrocarbon chain. SABIC’s strategy will support Saudi Aramco’s strategy and the Kingdom’s 2030 vision. Aramco today announced the successful completion of its share acquisition of a 70% stake in Saudi Basic Industries Corporation (SABIC) from the Public Investment Fund (PIF), the sovereign wealth fund of Saudi Arabia, for a total purchase price of SAR 259.125 billion (US$ 69.1 billion), equating to SAR 123.39 price per share. Positions Aramco as one of the major global petrochemicals players. Saudi Aramco and SABIC are planning to construct a USD 20 billion Crude Oil-To-Chemicals (COTC) complex in Yanbu on the western coast of Saudi Arabia. It is a significant leap forward which accelerates Aramco’s Downstream strategy and transforms our company into one of the major global petrochemicals players. It provides capital for PIF’s long-term investment strategy as it drives the economic transformation and growth of Saudi Arabia, further benefitting the people of our country; it supports Aramco’s continued growth in Downstream and enhances its international footprint; and, it provides SABIC a new strategic energy industry focused shareholder with the ability to support growth projects.”, Amin Nasser, President & CEO, Aramco said: “We are excited to complete this transaction. H.E. [7] The first chairman of the company was Ghazi Abdul Rahman Al Gosaibi, the Minister of Industry and Electricity, and the first CEO was Abdul Aziz Bin Abdullah Al Zamil. [5] In 2010, SABIC grew to be the second-largest diversified chemical company, or first when measured only by asset value. [23] The Fortune 500 ranking set SABIC revenues as of $40.2 billion.[when? The business units are currently: Chemicals, Polymers, Fertilizers (SABIC has three fertiliser affiliates: Safco, Samad and Ibn Al-Baytar ),[10] Metals and Specialties, plus manufacturing. Most of these are based in the Al-Jubail Industrial City on the coast of the Persian Gulf. The purchase of SABIC. In 2017, SABIC was ranked fourth in the world among chemical companies by Fortune Global 500,. Fourthly: Financial impacts as result of the deal. Saudi Aramco, SABIC sign MoU to develop the largest crude-oil-to-chemicals complex, creating 30,000 jobs The crude-oil-to-chemicals complex is expected to process 400,000 barrels per day of crude oil, which will produce approximately nine million tons of chemicals and base oils annually and is expected to start operations in 2025. The completion of the transaction enhances Aramco’s presence in the global petrochemicals industry, a sector expected to record the fastest growth in oil demand in the years ahead. Two are located in Yanbu Industrial City on the Red Sea and one is in the eastern city of Dammam. This committee will be chaired by the SABIC CEO and will include two other members from SABIC and three members from Aramco. Saudi Aramco will pay for its 70 per cent stake in petrochemicals company Sabic over the next eight years after extending its payment schedule for … [16] In that year, the company ranked 145 (previous rank: 301) in the Forbes Global 2000 list. The overall total production in 1985 was 6.3 million metric tons; by the end of 2008 it had reached 56 million metric tons. 25 October 2020 Japan receives first shipment of blue ammonia from Saudi Aramco, SABIC Good governance is at the core of how we operate and is fundamental to sustainable success. Access our financial reports and ESG content. [1] It is the second largest public company in the Middle East and Saudi Arabia as listed in Tadawul. Saudi Aramco, SABIC sign MoU to develop the largest crude-oil-to-chemicals complex, creating 30,000 jobs. Aramco, SABIC announce … The stake was acquired from activist investor White Tale, and at Clariant's prevailing market-capitalisation would have been valued in the region of $2.4bn. [20] The transaction was completed in June 2020. International: [email protected] Domestic: [email protected]. https://arab.news/7jndc . Saudi Aramco and SABIC signed a preliminary deal in 2017 to build a US$20 billion complex to convert crude oil to chemicals. 70% of SABIC's shares are owned by Saudi Aramco. Combines strengths and interests of two global companies to accelerate Aramco’s downstream strategy and leverage petrochemicals growth opportunities. It marks the beginning of a new chapter in the history of both companies and is an important marker in delivering our long term Downstream strategy.”, Abdulaziz Al-Gudaimi, Senior Vice President of Downstream, Aramco said: “The completion of this transaction marks an important step in Aramco’s continuous drive to develop a global integrated Downstream business designed to add value across the hydrocarbon chain. Representatives for Sabic and its largest shareholder, Saudi Aramco, declined to comment. It is active in petrochemicals, chemicals, industrial polymers, fertilizers, and metals. In 2004, the value of SABIC shares, listed on the Saudi Stock Exchange (Tadawul), increased 170% while its net profits increased by 112% from 2003 to 2004. As per the share purchase agreement, Saudi Aramco will be buying the majority stake in SABIC at SAR123.39 ($32.9) per share. In January 2007, SABIC Europe took over Huntsman Corporation plants in the UK. Specialty chemicals, which Sabic recently carved out as a separate unit, generate about $2 billion of annual revenue, the people said. Be part of an accessible, reliable, and innovative world-class supply chain. We look forward to contributing to global chemicals growth, while continuing to support Saudi Vision 2030.”. Representatives for Sabic and its largest shareholder, Saudi Aramco, declined to comment. [3] After forming SABIC Europe, SABIC became the 11th-largest petrochemicals company in the world. State-owned Saudi Aramco bought 2.1 billion shares of Saudi Basic Industries (SABIC) on the stock market on Sunday as it completed its deal agreed last year to … SABIC, which is valued at some $83.5 billion, does not break down earnings for its specialties business which produces speciality engineering thermoplastic resins and compounds, composites, thermosets and additives. F1 & Aramco - Real engineering excellence. Aramco and its subsidiary Saudi Basic Industries Corp. intend to incorporate existing facilities into the Yanbu project instead of building an entirely new one, according to a statement Sunday from Sabic, as the chemicals firm is known. Serve the needs of human progress and development. [22], Net profits of SABIC in 2008 touched ر.س 22 billion (US$5.86 billion), while total assets stood at ر.س 272 billion (US$72.5 billion) at the end of 2008 and the value of current assets at the end of 2008 stood at ر.س 95 billion (US$25 billion). [13], In 2005, SABIC was the Middle East's largest (in terms of market capitalization) and most profitable publicly listed non-oil company, the world's 11th-largest petrochemical company, ranked 331 on the Fortune Global 500 for 2005, the second-largest producer of ethylene glycol and methanol in the world, the third-largest producer of polyethylene and overall the fourth-largest producer of polypropylene and polyolefin. 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