Saudi Aramco has signed an agreement to spend $69.1bn on a 70% stake in SABIC. Once the deal passes standard regulatory approvals, the companies will need a plan to move forward. Sabic CEO Yousef Al Benyan told Bloomberg that he is optimistic.
"We need to go through a discovery phase to see what exactly are the synergies that will materialise and how can we bring them efficiently and commercially into Sabic," Al Benyan said in a phone interview with Bloomberg. He also noted that after years of cutting costs, he plans to focus on expanding efficiencies under Saudi Aramco.
Al Benyan also said that Sabic will retain oversight over its operations.