Saudi Aramco completed its acquisition of a 50 percent stake in Arlanxeo

Saudi Aramco has completed its acquisition of a 50 percent stake in Arlanxeo, its Netherlands-based joint venture with chemicals firm Lanxess, to become the full owner of the company, it said in a statement on Monday..

Lanxess’s share in the synthetic rubber and elastomer products venture was valued at 1.5 billion euros ($1.72 billion), Aramco said. Arlanxeo will maintain its current base in Maastricht, reports Reuters.

Saudi Aramco, officially the Saudi Arabian Oil Company, (formerly Arabian-American Oil Company), is a Saudi Arabian national petroleum and natural gas company based in Dhahran.

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