#SaudiArabia’s Sabic to become Aramco’s chemicals arm | Financial Times

Saudi Arabia’s Sabic to become Aramco’s chemicals arm | Financial Times:

Saudi Arabia’s Sabic will become the chemicals business of the state energy company Saudi Aramco, which this week acquired a majority stake as part of a deal to transfer funds to the country’s sovereign wealth fund.

Yousef Al-Benyan, chief executive of Sabic, said in an interview that the business would be “the future chemical arm of Aramco”.

“It will serve Aramco’s strategy to become a fully integrated energy company and it will also serve Sabic to make it stronger,” said Mr Benyan.