Saudi Aramco has bought a controlling stake in Saudi Basic Industries Corporation (Sabic) in a deal worth close to $70 billion.
The state-owned oil giant purchased the 70% stake from the kingdom’s Public Investment Fund for 259.125 billion riyals ($69.1 billion), or 123.39 riyals per Sabic share.
The stake purchase is part of Aramco’s drive to expand its global refining capacity from 4.9
