RIYADH (Reuters) – Saudi Basic Industries Corp’s (SABIC) investment plans will not be affected by oil giant Aramco’s purchase of a 70 percent stake in the company, its chief executive said on Friday, adding SABIC would look to integrate assets with Aramco to boost growth.

Saudi Aramco, the world’s largest oil producer, agreed on Wednesday to buy the stake in the world’s No.3 petrochemicals firm from Saudi Arabia’s wealth fund for $69.1 billion in one of the biggest deals in the global chemical industry.

The deal will take six to 12 months to complete, and there won’t be any layoffs, change in management or impact on SABIC’s balance sheet, Yousef al-Benyan told Reuters in a phone interview.

“Once the anti-trust clearance is obtained, then immediately we will put a team together to look at areas of synergies in order for us to leverage our shareholder value,” he said.

Source: Read Full Article