May 4, 2020 / 8:08 AM / a month ago

SABIC expects to cut capital expenditure by over 20% this year-CEO

RIYADH, May 4 (Reuters) - Saudi Basic Industries Corp expects to reduce its capital expenditure by more than 20% this year to cope with a drop in global demand caused by the coronavirus pandemic, its chief executive said on Monday.

Yousef al-Benyan also told an earnings briefing that Saudi Aramco has committed to complete the acquisition of a controlling stake in SABIC by the second quarter and he does not see anything that changes this timeline.

Aramco agreed to acquire SABIC in a $69.1 billion deal last year. (Reporting by Marwa Rashad; Writing by Saeed Azhar; Editing by Louise Heavens)

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