"Aramco" plans to acquire a stake in "SABIC"

Al-Wasat Newspaper – Sources – Newspaper. Al-Wasat

Saudi Aramco has invited banks to bid for an advisory role in the eventual acquisition of a strategic stake in Saudi Basic Industries Corporation (SABIC), informed sources said. According to Al-Wasat newspaper. "The giant crude oil company, which is expected to launch an initial public offering for savings, which expands its refining and petrochemicals business, kicked off the invitation last month," said the company. agency. [SABIC] listed on the Saudi Stock Exchange, is the fourth largest petrochemical company in the world and 70% owned by the Public Investment Fund, the largest sovereign wealth fund in the country. The market capitalization of the company is 385.2 billion riyals ($ 102.7 billion).

The sources said the process was in its infancy and that Aramco might or might not decide to pursue the case.

Aramco and SABIC did not immediately respond to requests from the newspaper