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Saudi Aramco to decide on how to finance SABIC buy

CEO of Aramco: “The decision on financing the SABIC acquisition is expected to be taken in the first half,” of 2019. (Reuters)

Saudi Aramco said on Wednesday it expects to decide by mid-2019 how to finance the acquisition of Saudi Arabian Basic Industries Corp (SABIC).

“The decision on financing the SABIC acquisition is expected to be taken in the first half,” said Amin Nasser, chief executive of Aramco.

“We have internal resources, then of course there are banks and the bond market, which we are evaluating at the moment,” he added.

In July 2018, Saudi Aramco said it aimed to buy a controlling stake in petrochemical maker SABIC, possibly taking the entire 70 percent stake owned by Saudi Arabia’s sovereign wealth fund.

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Last Update: Wednesday, 20 February 2019 KSA 16:55 - GMT 13:55
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