Saudi Aramco says recent media reports on a Sabic transaction are “entirely speculative”

Saudi Aramco had previously refuted interest in acquiring ownership position at Sabic in July. (Reuters)

Recent media reports on a potential transaction between Saudi Aramco and Saudi Basic Industries Corp. are “entirely speculative”, Saudi Aramco said in a tweet on Thursday.

“Saudi Aramco will provide updates when appropriate,” it said, without specifying the reports it was referring to or the media outlets concerned.

Saudi Aramco had previously refuted interest in acquiring ownership position at Sabic in July.

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

- With Reuters

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Last Update: Wednesday, 20 May 2020 KSA 09:57 - GMT 06:57
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