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Aramco buys remaining stake in rubber JV

RIYADH, August 9, 2018 – Saudi Aramco has entered a deal to buy out partner Lanxess from a 50-50 synthetic rubber JV, the Saudi NOC announced on Wednesday.

 

The agreement, valued at EUR 1.5 billion, will see Aramco increase its stake in Arlanxeo to 100%. It is expected to close by the end of 2018.

“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,” Abdulaziz Al Judaimi, the NOC’s vice-president for downstream, said. “Notably the acquisition will accelerate our growth into C4-based chemicals including butadiene and isobutylene.”

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