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Saudi Aramco has concluded the purchase of 50% stakes in the Netherlands-based Arlanxeo joint venture (JV). Aramco has now gained full ownership of the synthetic rubber company. The oil major bought the stakes from Lanxess in a €1.5bn deal. Proceedings from the transaction will allow Lanxess to reduce financial debt. Arlanxeo, which produces synthetic rubber and elastomers, will operate as a wholly owned subsidiary of Saudi Aramco.