Saudi Aramco completes $69 billion Sabic deal, extends payment window amid oil hit

Saudi Aramco completed the purchase of its 70% stake in the kingdom’s petrochemical giant Sabic from the Saudi Public Investment Fund, it announced Wednesday, tying the knot on one of the largest ever deals in the global chemicals industry. The state oil company also announced an extension of its $69.1 billion payment plan — to be in staggered instalments between 2020 and 2028, an increase of three years from the previous plan — as lower oil prices hit by the coronavirus pandemic take a toll on its earnings.  Aramco’s net income dropped by 25% in the first quarter of 2020. The initial deal would have seen payment completed in 2021, but was first extended late last year to 2025. The fall in oil prices since the initial deal announcement means that Aramco will be paying the Public Investment Fund a premium of nearly 30% on Sabic’s current price. When the acquisition was first announced in Marc