Saudi chemicals giant Sabic hires Aramco IPO banker Mirza

Sabic hired Sulaiman Mirza as a senior adviser, according to his LinkedIn profile, an indication the Saudi chemicals producer may be eyeing more deals.

Saudi Basic Industries Corp., as the company is formally known, is a key part of the country’s strategy to funnel more oil into chemicals as it prepares for a future beyond crude sales.

For the latest headlines, follow our Google News channel online or via the app.

Sabic took part in one of the Middle East’s largest deals last year, divesting its Hadeed metals unit to focus on its core business.

Mirza previously held roles at state oil producer — and Sabic majority owner — Saudi Aramco, working on its $30 billion initial public offering and debut international bond sale, according to his LinkedIn profile. He also spent eight years at Shell Plc and was most recently a managing director at Riyad Bank.

Sabic didn’t return messages seeking comment.

Other countries in the region are also looking to do more deals in the chemicals space.

Abu Dhabi National Oil Co. (ADNOC) last month agreed to buy a stake in OCI NV’s fertilizer unit for $3.6 billion and also filed a sweetened bid for Germany’s Covestro AG, valuing the firm at about €11.3 billion ($12.4 billion).

Read more:

Saudi market poised for expansion powered by diversified economy, IPO surge

Saudi PIF to create steel giant with $3.3 bln acquisition of Sabic’s metal unit deal

Saudi SABIC’s quarterly profit drops 85 percent on lower sales prices