Aramco will pay Saudi Arabia’s sovereign wealth fund in several instalments between August this year and April 2028. Saudi Aramco has completed a deal it reached last year to buy a seventy percent stake in Saudi Basic Industries Corp, costing around $70 billion,.
The first payment of $7 billion will be made on Aug. 2, Aramco said. The sovereign fund, known as the Public Investment Fund, will provide Aramco with a loan for the acquisition.
The deal effectively transfers cash from one arm of the Saudi state to another. It enables Aramco to accelerate its push to turn oil into products such as plastics, while giving the PIF more cash to pay for its burgeoning list of spending commitments both inside the country and abroad.
