Saudi Arabian state-owned oil company Saudi Aramco will acquire a controlling stake in SABIC, two sources familiar with the situation told Reuters. According to sources, the company can acquire all 70% of shares owned by the sovereign fund of Saudi Arabia. If this fails, Aramco can buy a stake of more than 50% in SABIC and become its majority shareholder. The potential acquisition of a stake in SABIC, the fourth largest petrochemical company in the world, will affect the timing of the planned IPO of Saudi Aramco, the company's CEO, Amin Nasser, said in a televised interview. Reuters sources said the listing could be postponed until 2020.
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Saudi Aramco's profit fell by 44.6% amid the coronavirus outbreak