The Saudi Arabian Oil Company (Saudi Aramco) sells polyethylene, polypropylene and other petrochemical products in Lithuania, where it has been given regulatory approval to take over the Rabigh Refining and Petrochemical Company (Petro Rabigh), which is also based in Saudi Arabia.
The Lithuanian Competition Council cleared the deal last Friday, and that means Saudi Aramco can buy another 22.5% stake in Petro Rabigh, bringing its total shareholding to 60%.
“Having assessed the circumstances of the transaction, the Competition Council concludes that the resulting concentration will not lead to the creation or strengthening of a dominant position or to any significant impediment to competition in the relevant markets,” the regulator said in a news release.
Petro Rabigh has no branches or assets in Lithuania and sells nothing there directly, but it earns indirect revenue by selling polyethylene and polypropylene through affiliates in Lithuania and other countries.
The company produces refined petrochemical products such as acetone, benzene and gasoline.
Saudi Aramco engages in exploration, prospecting, drilling and production of hydrocarbons, as well as the processing, production, refining and marketing of these materials. Lithuania is one country in which Saudi Aramco sells its petrochemical products.
Source: BNS
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