December 31, 2018 / 12:04 PM / 18 days ago

Saudi Aramco buys remaining 50 percent of rubber joint venture from Lanxess

FILE PHOTO: The logo of Saudi Aramco is seen at Aramco headquarters in Dhahran, Saudi Arabia May 23, 2018. Picture taken May 23, 2018. REUTERS/Ahmed Jadallah

DUBAI (Reuters) - 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.

Reporting by Asma Alsharif; Writing by Katie Paul; Editing by Jan Harvey

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