RIYADH, JUNE 17 (XINHUA) -- SAUDI ARAMCO ANNOUNCED ON THE 17TH THAT IT HAS OFFICIALLY COMPLETED THE ACQUISITION OF 70% OF THE SHARES OF SAUDI ARABIA'S PETROCHEMICAL GIANT, SAUDI BASIC INDUSTRIES COMPANY.ON THE SAME DAY, SAUDI ARAMCO ISSUED A STATEMENT SAYING THAT IT HAD ACQUIRED 70% OF THE SHARES OF SAUDI BASIC INDUSTRIES COMPANY FROM THE SAUDI PUBLIC INVESTMENT FUND, WITH A TOTAL TRANSACTION AMOUNT OF 259.125 BILLION RIYALS (APPROXIMATELY 69.1 BILLION US DOLLARS).THE STATEMENT STATED THAT SAUDI ARAMCO AND SAUDI BASIC INDUSTRIES HAD A TOTAL PETROCHEMICAL PRODUCTION OF NEARLY 90 MILLION TONS IN 2019, AND COMPLETING THIS TRANSACTION WILL ENHANCE SAUDI ARAMCO'S INFLUENCE IN THE GLOBAL PETROCHEMICAL INDUSTRY.SAUDI ARAMCO PRESIDENT AND CEO AMIN NASSER SAID IN A STATEMENT THAT THE ACQUISITION IS SIGNIFICANT AS IT ACCELERATES SAUDI ARAMCO'S DOWNSTREAM STRATEGY OF DEVELOPING INTEGRATED REFINING AND PETROCHEMICAL CAPACITY, MAKING ARAMCO ONE OF THE WORLD'S MAJOR PETROCHEMICAL PRODUCT PRODUCERS.YASSER RUMAYYAN, THE HEAD OF THE SAUDI PUBLIC INVESTMENT FUND, SAID THAT THIS ACQUISITION IS AN IMPORTANT MILESTONE FOR ALL THREE PARTIES. IT PROVIDES FUNDING FOR THE SAUDI PUBLIC INVESTMENT FUND'S LONG-TERM INVESTMENT STRATEGY, THEREBY PROMOTING SAUDI ARABIA'S ECONOMIC TRANSFORMATION AND GROWTH; SUPPORT THE SUSTAINED GROWTH OF SAUDI ARAMCO'S DOWNSTREAM BUSINESS AND EXPAND ITS INTERNATIONAL INFLUENCE; PROVIDED A NEW SHAREHOLDER FOCUSED ON THE STRATEGIC ENERGY INDUSTRY AND CAPABLE OF SUPPORTING ITS DEVELOPMENT PROJECTS FOR SAUDI BASIC INDUSTRIES COMPANY.