11.05.2020, 13:01
Media: Saudi Aramco Begins Negotiations on Restructuring Payment for Shares in Sabic
Source: OREANDA-NEWS
OREANDA-NEWS. Saudi Aramco, the world's largest oil and gas producer, began negotiations with the Saudi Arabian sovereign fund PIF to reduce the initial payment of 70% in the petrochemical giant Sabic amid falling oil prices. This is reported by the American media with reference to sources.
Saudi Aramco announced a deal to acquire 70% in Sabiс for $ 69.1 billion last March. The main shareholder of the petrochemical company was PIF. The deal was planned to close in the first half of 2020. However, according to Bloomberg sources, the oil company, due to a deterioration in the pricing environment, initiated negotiations to reduce the initial payment of a total of $ 69.1 billion. The possibility of lowering the announced price for the package is also being evaluated.
In October, the agency writes, Saudi Aramco and PIF have already restructured the payment. As a result, the initial payment was reduced from 50% to 30%, and the rest was planned to be paid off before September 2025.
Saudi Aramco announced a deal to acquire 70% in Sabiс for $ 69.1 billion last March. The main shareholder of the petrochemical company was PIF. The deal was planned to close in the first half of 2020. However, according to Bloomberg sources, the oil company, due to a deterioration in the pricing environment, initiated negotiations to reduce the initial payment of a total of $ 69.1 billion. The possibility of lowering the announced price for the package is also being evaluated.
In October, the agency writes, Saudi Aramco and PIF have already restructured the payment. As a result, the initial payment was reduced from 50% to 30%, and the rest was planned to be paid off before September 2025.
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