Saudi Aramco intends to buy a stake in SABIC

State oil company Saudi Aramco said it was “in an early stage of negotiations” with the Royal Public Investment Fund to acquire a stake in SABIC, the Saudi producer of chemicals, by concluding a private transaction without planning to buy out shares held in public ownership, the project wrote. It is noted that the transaction could increase the value of Aramco on the eve of the planned IPO. Aramco wants to develop a downstream business, as the expansion of the petrochemical portfolio will allow it to attract more investments for the initial public offering. Aramco together with SABIC is implementing a local project worth $20 billion, which provides for the construction of a complex for the production of chemical products.

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