Saudi Aramco announced that it has acquired a 70% majority stake in Saudi Basic Industries Corporation (SABIC) from the Saudi Public Investment Fund (PIF). Saudi Aramco said the acquisition will help accelerate its downstream strategy.

The acquisition was completed last year. SABIC's remaining 30% equity was not a part of the transaction and will be publicly traded. SABIC will continue to be listed on the Saudi Stock Exchange Tadawul.

Yousef Abdullah Al-Benyan, SABIC's Vice Chairman and Chief Executive Officer, said that Saudi Aramco was expected to bring the additional scale, technology, potential investment, and growth opportunities, which will benefit SABIC in terms of integrating energy and chemical production.