Aramco to pay SR 45b tranche for SABIC acquisition deal

Saudi Aramco is going to pay the third installment worth $12 billion (SR 45 billion) of the SABIC 70% acquisition deal to Public Investment Fund (PIF), the sovereign wealth fund of Saudi Arabia.

Aramco had agreed in 2021 to pay in-advance tranche worth $3 billion in April 2022 based on oil market developments.

This PIF inflow will contribute to the long-term investment strategy of the fund besides leading economic transformation and growth in the Kingdom.

The due tranche pay to the PIF comes in a time of oil market leap towards record highs where crude prices trade above $130 a barrel.

Aramco completed its share acquisition of a 70% stake in Saudi Basic Industries Corporation (SABIC) from the Public Investment Fund (PIF) for a total purchase price of SAR 259.125 billion (US$ 69.1 billion), equating to SR 123.39 price per share.