WASHINGTON (dpa-AFX) - Saudi Arabian Oil Company (2222.SR) or Aramco, Thursday announced the acquisition of an additional 22.5 percent stake in Rabigh Refining and Petrochemical Company from Sumitomo Chemical Corp. for $702 million.
The deal highlights the company's commitment to advance with a downstream strategy that promotes value creation, business integration and portfolio diversification.
As part of the deal, both companies agreed to invest a total of $1.4 billion to partly prepay Petro Rabigh's debt, supporting its future growth opportunities and strengthening its balance sheet.
Aramco's stock closed at SAR 24.84, down 0.12 percent on the Saudi.
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