The Competition Commission of India has approved Saudi Aramco's planned purchase of a 70% stake in SABIC from the Public Investment Fund of Saudi Arabia in a transaction valued at $69.1-billion. The acquisition is in line with Aramco's long-term strategy to drive growth through an enhanced downstream portfolio by boosting global participated refining capacity to 8-million to 10-million b/d by 2030 from 4.9-million b/d currently. Of that capacity, 2-million to 3-million b/d will be converted into petrochemical products, Aramco earlier explained.
