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Saudi Aramco is a state-owned petroleum and natural gas company that is headquartered in Dhahran, Suadi Arabia and was founded in 1930. The company is owned by the government of Saudi Arabia and is also known as the Saudi Arabian Oil Company.
On December 11, 2019 Saadi Aramco held their initial public offering (IPO) raising $25.6 billion.
On March 27, 2019 Saudi Aramco announced acquiring SABIC (Saudi Basic Industries Corp), a diversified manufacturing company, for $69.1 billion. The purchase was made in an attempt for the government of Saudi Arabia to diversify the countries economy and reduce its dependence on oil.
On August 8, 2018 Saudi Aramco announced acquiring a ARLANXEO, a company making synthetic rubber, for $1.6 billion. Abdulaziz al-Judaimi, the Senior Vice President of Downstream of Saudi Aramco, made the following statement about the acquisition:
The proposed purchase underscores Saudi Aramco’s strategy to further diversify our downstream portfolio and strengthen our capabilities across the entire petroleum and chemicals value chain.
