Aramco secures unconditional EU okay for US$69 billion SABIC deal

Aramco secures unconditional EU okay for US$69 billion SABIC deal

World No. 1 oil producer Saudi Aramco has gained unconditional EU antitrust approval for its US$69 billion bid for a 70per cent stake in petrochemicals group Saudi Basic Industries Corp (SABIC), according to an EU filing.

Sign of Saudi Aramco's IPO is seen during a news conference by the state oil company in Dhahran
FILE PHOTO: A sign of Saudi Aramco's initial public offering (IPO) is seen during a news conference by the state oil company at the Plaza Conference Center in Dhahran, Saudi Arabia November 3, 2019. REUTERS/Hamad I Mohammed

BRUSSELS: World No. 1 oil producer Saudi Aramco has gained unconditional EU antitrust approval for its US$69 billion bid for a 70per cent stake in petrochemicals group Saudi Basic Industries Corp (SABIC), according to an EU filing.

Aramco announced the deal in March last year, a move key to its diversification into refining and petrochemicals.

The European Commission cleared the deal on Thursday, a filing on its site showed. Reuters reported on Feb. 21 that the deal was heading for unconditional EU clearance.

(Reporting by Foo Yun Chee; editing by Francesco Guarascio)

Source: Reuters

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