Saudi Aramco officials began early talks with banks about a potential debt financing of up to $70 billion to back its acquisition of a majority stake in Saudi petrochemical firm Sabic, Reuters reports, citing banking sources.
Sadara, a joint-venture between Dow Chemical Company and Saudi Aramco announces the startup of its mixed feed cracker, the only one of its kind in the Middle East and one of 26 manufacturing units that will be part of the Sadara chemical complex.
The Deputy Crown Prince's interview in Riyadh was 5 hours long and went until 4 in the morning. He discussed plans to privatize a small percentage of Saudi Aramco and expand and re-task the country's Public Investment Fund.
U.S.-based fertilizer giant Mosaic Company signed a $7 billion contract with Saudi Arabia Basic Industries (SABIC) and the Saudi Arabian Mining Company (Ma’aden) for a 3.5 million ton phosphate operation in the Kingdom, according to a press release issued today.
According to estimates calculated from U.S. Census Bureau statistics, the financing will support approximately 18,400 American jobs, 12.5 percent of which come directly or indirectly from small businesses, in 13 states.
Saudi Arabia, the world’s biggest oil exporter, has identified mining as a key investment area after oil and petrochemicals, and is spending an estimated $38 billion to develop two cities centered around mining.