News24
20 Sep 2020, 13:13 GMT+10
Saudi Industrial Investment Group and National Petrochemical Company started talks to merge, potentially creating a firm with $11 billion in assets as Middle Eastern energy companies assess their options in a lower oil-price environment.
The talks are at an initial stage and no agreement has been reached, the companies said Sunday. Saudi Industrial owns 50% of National Petrochemical.
The potential merger comes as energy companies in countries such as Saudi Arabia, Qatar and the United Arab Emirates restructure their operations to cope with a market that's under strain from lower demand.
READ | Saudis reduce oil pricing signalling demand recovery struggling
Last year, Saudi International Petrochemical Company completed a buyout of Sahara Petrochemical Company. It was followed by Saudi Aramco buying a majority stake in the kingdom's largest chemical maker in a deal that was valued at about $70 billion.
National Petrochemical's shares climbed 21% this year, while Saudi Industrial fell 4.2%.
Get a daily dose of San Jose Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to San Jose Sun.
More Information(Photo credit: Brad Penner-Imagn Images) Pete Alonso had two home runs and five RBIs to help the New York Mets extend their winning...
(Photo credit: Sam Navarro-Imagn Images) Rookie Agustin Ramirez grounded a two-out, two-strike, two-run, tie-breaking single in the...
(Photo credit: Rick Scuteri-Imagn Images) Ryne Nelson retired the first 16 batters he faced, Randal Grichuk homered and the host...
(Photo credit: Bill Streicher-Imagn Images) Edmundo Sosa, Alec Bohm and Kyle Schwarber homered as the Philadelphia Phillies topped...
(Photo credit: Daniel Kucin Jr.-Imagn Images) Ceddanne Rafaela hit a two-run home run as part of a seven-run third inning that carried...
(Photo credit: John E. Sokolowski-Imagn Images) Addison Barger hit an RBI single with two outs in the 11th inning and the Toronto...
FRANKLIN, Tennessee: Hundreds of thousands of Nissan and Infiniti vehicles are being recalled across the United States due to a potential...
REDMOND, Washington: Microsoft is the latest tech giant to announce significant job cuts, as the financial strain of building next-generation...
LONDON UK - U.S. stock markets were closed on Friday for Independence Day. Global Forex Markets Wrap Up Friday with Greeback Comeback...
SANTA CLARA, California: Nvidia came within a whisker of making financial history on July 3, briefly surpassing Apple's all-time market...
SACRAMENTO, California: California's multibillion-dollar farms are facing a growing crisis—not from drought or pests, but from a sudden...
WASHINGTON, D.C.: President Donald Trump says the United States could soon reach a trade deal with India. He believes this deal would...