Riyadh, Xinhua news agency, June 17 (reporter Tu Yifan) Saudi Arabia National Oil Company (Saudi Aramco) announced on June 17 that it has officially completed the acquisition of 70% of the shares of Saudi Basic Industry Company, the country's petrochemical giant.

Saudi Aramco said in a statement on the same day that it had acquired 70% of the shares of SABIC from the Saudi public investment fund, with a total transaction value of 259.125 billion Riyals (about US $69.1 billion).

The statement said that Saudi Aramco and SABIC will produce nearly 90 million tons of petrochemical products in 2019, and the completion of the deal will enhance Saudi Aramco's influence in the global petrochemical industry.

Amin Nasser, President and CEO of Saudi Aramco, said in a statement that the acquisition is of great significance, accelerating the downstream strategy of Saudi Aramco, namely the development of comprehensive refining and petrochemical capacity, making Aramco one of the world's major petrochemical producers.

Yasser rumayen, head of Saudi public investment fund, said that the acquisition is an important milestone for all three parties. It funds the long-term investment strategy of Saudi public investment fund to promote Saudi economic transformation and growth; supports the continuous growth of Saudi Aramco's downstream business and expands its international influence; and provides a focus for Saudi basic industries New shareholders in the strategic energy industry and the ability to support their development projects.