Deals
Aramco Mulls Sabic Stake Purchase Amid Oil Giant's IPO Plans
- Oil giant evaluating acquiring shares from Saudi wealth fund
- Aramco IPO would be world’s largest if planned valuation met
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Saudi Aramco may buy shares in chemical producer Saudi Basic Industries Corp. from the country’s sovereign wealth fund as the world’s biggest crude oil exporter expands its business ahead of a planned initial public offering.
The state oil producer “is engaged in very early-stage discussions with the Public Investment Fund regarding acquiring a strategic interest in Sabic by way of a private transaction,” Aramco said in a statement. The company has no plans to acquire any publicly held shares in Sabic, as Saudi Basic Industries is known, it said. The state-run PIF, which owns 70 percent of Sabic, confirmed the talks in a separate statement.