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Saudi Aramco to acquire majority stake in Petro Rabigh for $702m

Saudi Aramco to acquire majority stake in Petro Rabigh for $702m

  • Acquisition, priced at $1.86 per share, increases Aramco’s stake to approximately 60% while reducing Sumitomo Chemical’s stake to 15%
  • Aramco said move is expected to improve Petro Rabigh’s balance sheet, cash liquidity, and profitability
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Latest updates

Saudi Arabia launches bid for seven mining exploration licenses
Saudi Arabia launches bid for seven mining exploration licenses
Closing Bell: Saudi, Gulf stocks post gains following global slump
Closing Bell: Saudi, Gulf stocks post gains following global slump
King Abdulaziz Port sets record with 20,645 containers handled on single ship
King Abdulaziz Port sets record with 20,645 containers handled on single ship
UAE banks’ savings deposits up 8.4% to reach $80.2bn
UAE banks’ savings deposits up 8.4% to reach $80.2bn
Arab oil and gas sector attracted investments worth $406bn over 22 years: report
Arab oil and gas sector attracted investments worth $406bn over 22 years: report

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