The Curious Case Of One Saudi Industrial Giant Buying Another [Forbes]
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Source: Forbes
Ellen R. Wald Contributor i Jul 19, 2018, 03:43pm #BigBusiness Tweet This Unexpected news in the energy industry broke yesterday when it was revealed that the Saudi state oil giant, Saudi Aramco, is entering into talks to buy a strategic stake in the Saudi petrochemical firm, Saudi Basic Industries Corp (SABIC). The offices of Sabic, in the Saudi capital Riyadh on January 20, 2009. (AFP/Getty Images) Saudi Aramco already has a burgeoning petrochemicals unit of its own , but it has never competed directly with SABIC. In fact, the two companies recently entered into a deal to jointly develop a $20 billion crude to chemicals complex. Aramco has focused on developing specialty chemicals with partners DowDuPont and Total whereas SABIC produces commodities. It has long been suspected that the relationship between SABIC and Aramco was more intimate and that
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