Saudi's Sabic to acquire remaining 50% of Shell venture

Dubai

SAUDI Basic Industries Corp (Sabic) has signed an agreement to acquire the 50 per cent that it does not already own in its petrochemical venture with Shell Arabia, a unit of Royal Dutch Shell, for US$820 million, Sabic said on Sunday. "As per the partnership agreement between the two companies that stipulates the right of Sabic to renew or end the partnership by the end of 2020 . . . Sabic decided to acquire the full stake of Shell, which is 50 per cent," it said.

Sabic, one of the world's largest petrochemical firms, said the US$820 million figure was based on the net value of the venture's assets. It said the acquisition was in line with a strategy to develop its successful investments.