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Two Saudi Arabia's Companies to Merge

The two companies of Saudi Industrial Investment Group and National Petrochemical Co. initiated negotiations on merging in the status quo with low oil prices. Although there’s no deal agreed upon, the companies plan to build a firm with a credit of $11bn. Saudi Industrial holds 50% of the National Petrochemical Co. The two were looking for a merge about 9 years ago. This is while energy companies in Saudi Arabia, Qatar and the United Arab Emirates struggle to redesign their enterprise to manage the oil market suffering from a noticeable decline in demand due to the coronavirus pandemic. Other trials of incorporation in the Arab country’s chemical sector include last year’s action by the Saudi International Petrochemical Co. to buy Sahara Petrochemical Co. Afterwards, Saudi Aramco bought a majority of shares in Saudi chemical maker, a huge deal worth $70 billion. Samira H.
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By Samira Hassanzadeh on October 19, 2021

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