Aramco Secures Unconditional EU Okay for SABIC Deal

Aramco Secures Unconditional EU Okay for SABIC Deal

Saudi Aramco has gained unconditional EU antitrust approval for its $69 billion bid for a 70 percent stake in petrochemicals group Saudi Basic Industries Corp (SABIC), according to an EU filing.

Aramco announced the deal in March last year, a move key to its diversification into refining and petrochemicals.

The European Commission cleared the deal on Thursday, a filing on its site showed. Reuters reported on Feb. 21 that the deal was heading for unconditional EU clearance.

Chief Executive Officer Amin Nasser said on Monday that Aramco is launching the biggest shale gas development outside of the United States to boost domestic gas supply and end the burning of oil at its power generation plants.

Aramco has drilled 150 wells since 2013 in the Jafurah shale gas field to prepare the development plan, he said.

The Saudi energy giant also went public in December by floating a stake on the local stock exchange.