Oil & Gas giant Saudi Aramco has signed a deal to acquire a controlling share of 70 per cent in petrochemical major Saudi Basic Industries Corporation (SABIC) for an investment value worth USD 69.1 billion. The disclosed investment would entitle Aramco to over 2 billion shares in the company, bringing about a huge momentum in the Oil & Gas industry. This deal is likely to cause a spike in oil prices addressing the potential demand and positive sentiments in the market. Oil Minister Abdulaziz bin Salman confirmed that the company would raise its oil price from the start of July 2020. This announcement has caused the net importers of crude to frown and the downstream players to plan their sourcing and production schedules ahead for the year. Moreover, on the market side, this deal would also support the falling share prices of SABIC as investors remain positive about the synergy to be brought about in business operations. Aramco, on the other hand, is struggling with limited cash reserves owing to lower profitability in 2019 and outstanding payments in the form of declared dividends to the tune of about USD 75 billion. Additional cash out-go for the company at this stage is indicative of change in company fundamentals which would dictate the investor sentiments.