Saudi Aramco, SABIC say no plans to merge petrochems

Aramco said that both companies wish to clarify that they have no plans to pursue the merge option(Image courtesy of Saudi Aramco)

National oil giant Saudi Aramco and Saudi Basic Industries Corp denied on Saturday they had any plans to merge their petrochemicals businesses after media reports on the possibility.

They said in a joint statement published in their websites, that “Saudi Aramco and SABIC note recent speculative news reports about the possibility of merging their petrochemicals businesses. The companies wish to clarify that they have no plans to pursue this option.”

Both companies will continue to explore mutually beneficial opportunities to work together as partners and contribute to the continued growth and diversification of the Kingdom’s economy.

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Last Update: Wednesday, 20 May 2020 KSA 09:48 - GMT 06:48
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