The Competition Commission of India (CCI) has approved Saudi Aramco's acquisition of a 70% stake in SABIC for $69.1bn. A combination notice filed with the CCI noted that this would give Aramco sole control over SABIC.
.@CCI_India approves acquisition of 70 per cent shareholding of Saudi Basic Industries Corporation (SABIC) by Saudi Arabian Oil Company (Saudi Aramco).— CCI (@CCI_India) September 27, 2019
The remaining 30% stake is owned by Saudi Arabia's Public Investment Fund, and Saudi Aramco has no plans to purchase more of the company.
SABIC supplies agri-nutrient and petrochemical products in India, and Saudi Aramco supplies crude oil, liquefied petroleum gas, base oil, and petrochemical products.
The acquisition is part of Saudi Arabia's drive to diversify its economy, providing $69.1bn to the PIF, Crown Prince Mohammed bin Salman's primary investment vehicle.