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DUBAI: The sales and marketing for a number of Aramco petrochemicals and polymers products will move to SABIC, and the offtake and resale responsibility of a number of SABIC products will transfer to Aramco Trading Company (ATC) under a plan revealed on Thursday.
The effect of these changes, planned to be implemented on a phased basis during 2021 will focus SABIC on petrochemicals products and ATC on fuel product, the paid said in a joint statement.
“The transfers reflect our shared commitment to capitalize on the complementary nature of Aramco and SABIC’s respective product portfolios as we strive to create added value for our customers and shareholders,” said Ibrahim Al-Buainain, Aramco Trading Company President and CEO.
It represents the latest move to integrate the strategies of both companies following Aramco’s acquisition of a 70 percent stake in SABIC in June 2020.
Aramco and SABIC will continue to review options for further global marketing and sales transfers across product-producing companies within the Aramco group portfolio, they said.