ENERGY

Saudi Aramco dismisses media speculation over SABIC ‘ownership’

An Aramco tank at Saudi Aramco’s Ras Tanura oil refinery and oil terminal in Saudi Arabia on May 21, 2018. (Reuters)

Saudi Aramco has dismissed over its possible interest in acquiring an ownership position in the Saudi Basic Industries Corporation (SABIC).

In a statement released on its website on Thursday, the company said: “Consistent with the company’s strategy of rebalancing its portfolio by moving further into downstream and the petrochemical sector in particular, the company has been evaluating a number of acquisition opportunities, both local and global”.

“Saudi Aramco confirms that it is engaged in very early-stage discussions with the Public Investment Fund (PIF) regarding acquiring a strategic interest in SABIC by way of a private transaction,” said the statement.

According to the company, these discussions are preliminary and there is no certainty that any such transaction will take place. “Saudi Aramco has no plans to acquire any publicly held shares of SABIC,” it said adding that appropriate announcements will be made in compliance with applicable regulations.

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Last Update: Thursday, 19 July 2018 KSA 08:16 - GMT 05:16
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