ENERGY

Saudi Aramco chief says in talks to buy stake in chemical giant SABIC

Amin al-Nasser, the president and chief executive officer of Saudi Aramco. (Supplied)

Saudi Aramco president and chief executive officer Amin al-Nasser said on Friday it was in early talks to acquire a strategic stake in SABIC, noting that the agreement to complete the SABIC deal would affect the time frame for Aramco’s own IPO.

Saudi Aramco is the world’s leading integrated energy and chemicals enterprise, and the largest provider of crude oil to global markets.

“Buying a stake in a chemical company like SABIC will have a positive impact on Aramco’s revenues,” he said speaking in an exclusive interview with Al Arabiya.net, adding that Aramco had a stake in a chemical firm that would make it less vulnerable to volatile oil prices.

 Aramco’s chairman said that the deal would be taken in line with the CMA regulations, noting that the company was still in very early stages of talks to buy a stake in SABIC and that the time frame would be set for the deal after a final agreement was reached.

SABIC is the largest listed company in the Gulf and the world’s fourth-biggest petrochemicals company, according to Reuters.

Al-Nasser said Aramco did not plan to acquire any SABIC shares directly through the market.

He added that the Saudi Aramco was ready for the IPO and the timing would remain subject to the state’s decision.

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Last Update: Saturday, 21 July 2018 KSA 02:09 - GMT 23:09
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