Saudi Aramco is the national oil company, or NOC, of Saudi Arabia and holds the exclusive right to explore for, produce and refine the country's hydrocarbons. It ranks as the largest oil and gas producer in the world with production volume of 13.2 mmboe/d in 2019, 9.9 mmboe/d of crude oil. Its 3.6 mmb/d in net refining capacity makes it the world's fourth largest refiner. It also owns 21.7 million tons of chemical manufacturing capacity. In March 2019, it signed a share purchase agreement to acquire a 70% equity stake in Saudi Arabian Basic Industries Corporation (SABIC), a Saudi based chemical manufacturing company for $69.1 billion. In 2018, SABIC's total production was 75.2 million tons, placing it among the top five global chemical companies.