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 finversia.ru 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.
China's Tencent Holdings in talks to buy Warner Music stakes worth $200M22.05.2020
SoftBank Group to sell 5% telco unit stake to raise $2.9 billion12.05.2020
Oil gains as Saudi Arabia announces further output cut21.04.2020
Trump to “look at” stopping Saudi oil imports, help domestic oil industry