Saudi state petroleum firm Aramco will take control of the world’s third-largest petrochemicals operations when it completes its Riyadh-mandated purchase of the government’s 70% stake in state-led conglomerate Sabic. This deal may particularly benefit Aramco’s downstream ambitions in China.
Aramco’s downstream strategy, laid out in a 1 April prospectus for a $12bn bond to help fund the $69.1bn Sabic takeover, is focused on areas of high refined products and chemicals demand growth as well as countries reliant on crude oil imports (MEES, 5 July). China is a prime example of both. (CONTINUED - 846 WORDS)