Saudi Aramco was the world’s most profitable company in 2018, according to an extract of the oil producer’s accounts published by Moody’s Investors Service, Bloomberg reports.
The company, Bloomberg said, is preparing to raise debt in part to pay for the acquisition of a majority stake in domestic petrochemical group Sabic worth about $69 billion.
Aramco will mostly use cash to pay for the purchase over the next three years, the Bloomberg report stated.
Saudi Aramco, officially the Saudi Arabian Oil Company, is a Saudi Arabian national petroleum and natural gas company based in Dhahran, Saudi Arabia.
