June 17, 2020 / 7:05 AM / 20 days ago

Saudi Aramco completes $69 bln SABIC stake deal, extends schedule

RIYADH, June 17 (Reuters) - Saudi Aramco has completed the acquisition of a 70% stake in petrochemicals company Saudi Basic Industries (SABIC) for $69.1 billion from the PIF sovereign fund and has extended the payment period to 2028, the oil giant said on Wednesday.

Following a seller loan provided by PIF, Aramco will pay instalments starting in August until April 2028, it said in a bourse filing, extending the payment schedule from a previously agreed 2025 deadline.

The whole transaction was funded through promissory notes issued to PIF at the closing of the deal, Aramco said.

Reporting by Marwa Rashad, Saeed Azhar and Davide Barbucsia; editing by Jason Neely

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