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Saudi Aramco rejected its potential interest in acquiring an interest in Saudi Basic Industries Corporation (SABIC).
In a statement posted on its website on Thursday, the company said: "In line with the company's strategy by rebalancing its portfolio by stepping further downstream and the sector. petrochemical in particular, the company is evaluating a number of acquisition opportunities, both local and global. "
" Saudi Aramco confirms that it is engaged in very early discussions with the Fund. Public Investment (FIP) regarding the acquisition of a strategic stake in SABIC through a private transaction, "the statement said.
According to the company, these discussions are preliminary and there is no certainty that such a transaction will take place. "Saudi Aramco does not plan to acquire publicly held SABIC shares," he added, adding that appropriate announcements would be made in accordance with the regulations in force.
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Last updated: Thursday, 19 July 2018 KSA 08:16 – GMT 05:16
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