SABIC acquisition could delay Aramco’s IPO

Riyadh - Mubasher: Saudi Aramco is close to an agreement over an acquisition of a stake in Saudi Basic Industries (SABIC), which would affect the timing of its planned initial public offering (IPO) of the biggest oil company in the world, according to CEO Amin Nasser.

Acquiring a stake in the petrochemicals company will diversify Aramco's revenues, making it less vulnerable to oil price volatility, Nasser told Al Arabiya in TV interview.

Saudi Aramco announced on Thursday that it began negotiations with the Public Investment Fund (PIF) to purchase a stake in SABIC.

Aramco and the Saudi Arabian sovereign wealth fund are still in early-stage talks over a potential private sale and there is no certainty the transaction would be completed.

The world's largest oil producer explained that it has no plans to acquire any publicly held shares of SABIC.

Mubasher Contribution Time: 20-Jul-2018 20:48 (GMT)
Mubasher Last Update Time: 20-Jul-2018 20:48 (GMT)