Left Menu
Development News Edition

EXCLUSIVE-Aramco to win unconditional EU clearance for $69 bln SABIC deal - sources


EXCLUSIVE-Aramco to win unconditional EU clearance for $69 bln SABIC deal - sources
File photo Image Credit: Twitter (@Saudi_Aramco)

World No. 1 oil producer Saudi Aramco is set to gain unconditional EU antitrust approval for its $69 billion buys of a 70% stake in petrochemicals group Saudi Basic Industries Corp (SABIC), people familiar with the matter said on Friday. Aramco announced the deal to acquire the controlling stake from sovereign investor Public Investment Fund (PIF) in March last year, a move key to its diversification into refining and petrochemicals.

Riyadh-headquartered SABIC, the world's fourth-largest petrochemicals group, has operations in over 50 countries. The European Commission, which is scheduled to decide on the case by Feb. 27, declined to comment.

Competition watchdogs in India and a number of other countries have already given the green light without demanding concessions. Aramco's downstream expansion strategy tracks rivals such as Exxon Mobil, BP, Total and Shell, which have over the years transformed themselves from merely oil companies to energy companies with extensive upstream and downstream operations.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Download The Devdiscourse News App for Latest News.


TRENDING

OPINION / BLOG / INTERVIEW

Coronavirus lockdowns to speed up long-pending change in supply chains

With millions of production lines impacted, business disruptions to some extent are unavoidable and the lessons learned from this turbulence will leave an everlasting impact on both global and local levels of supply chains....

COVID 19 to catalyze the redefinition of urban planning and sustainability

Until now the urban planning was focused on mitigation to natural disastrous, climate change, pollution, chronic illness and lifestyle diseases. However, the global pandemic of novel coronavirus is going to change the whole narrative of urb...

Ebola to COVID 19: Has Geopolitics prevailed over Professionalism in WHO

World Health Organization WHO is perceived as one of the most professional bodies of the United Nations. However, the role of WHO has come under question in handling outbreak two deadly diseases Ebola Viral Disease EVD and novel Coronaviru...

Trade War, COVID 19 and Beyond: How Pandemic is defining a New World Order

While we are confined in our homes, the world is changing faster than ever. Geopolitics in the time pandemic is defining a new world order. The transformation is happening in almost all the walks of life but the million-dollar question is ...

Videos

Latest News

Algeria arrests leading journalist Drareni

Algerian police arrested Khaled Drareni, a leading journalist, on Friday evening and plan to charge him on Saturday with attacking the integrity of the national territory, Reporters Without Borders, a press freedom group, said. Drareni was ...

FACTBOX-Latest on the spread of the coronavirus around the world

President Donald Trump signed into law a 2.2 trillion aid package to help the United States cope with the economic downturn inflicted by the coronavirus pandemic. Prime Minister Shinzo Abe promised a huge package of steps to cushion Japans ...

Home quarantine sticker pasted, removed at Kamal Haasan's house

City Corporation personnel stuck a home quarantine sticker on Saturday at the office of actor-politician Kamal Haasans Makkal Needhi Maiam leading to speculation that the matinee star was quarantined for coronavirus. The sticker, however, w...

62 Rashtria Rifles distributes food items among needy in Shopian

When the world is fighting against COVID-19 and every man and machinery is trying to make living easy for the people across the country, in a noble act 62 Rashtriya Rifles of the Indian Army on Saturday distributed rice and other food items...

Give Feedback