Saudi Arabia's state-controlled energy giant Aramco has reached a $69.1 billion deal to purchase a majority stake in petrochemicals firm SABIC from the kingdom's sovereign wealth fund.
An announcement on the long-anticipated deal is imminent, sources within Aramco and Saudi Arabia's Public Investment Fund told CNBC on Wednesday. The deal will see Aramco purchase PIF's 70-percent stake in SABIC, a move that will inject cash into the fund that underpins ambitious plans to remake Saudi Arabia's economy.
This story is developing. Please check back for updates.
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