Industry News

Saudi Aramco Plans Acquisition of SABIC

Published on 2018-07-24. Author : SpecialChem

Saudi Aramco has noticed media speculation regarding its possible interest in acquiring an ownership position in the Saudi Basic Industries Corporation (SABIC).

Rebalancing the Portfolio

Saudi Aramco to acquires SABIC
Saudi Aramco notices media speculation regarding possible interest in acquiring SABIC

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.

Early-stage Discussions

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. 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.

If further announcements are appropriate, they will be made in compliance with applicable regulations.

Source: Saudi Aramco
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