Deals
Aramco-Sabic Deal Would Funnel Billions to Saudi Sovereign Fund
- Public Investment Fund owns a $70 billion stake in Sabic
- PIF had hoped to raise cash through the now-delayed Aramco IPO
This article is for subscribers only.
A potential deal between Saudi Arabia’s state-owned oil and petrochemical giants could enable the country’s sovereign wealth fund to raise billions of dollars it had hoped to collect from Aramco’s stalled initial public offering.
Saudi Aramco, the world’s largest oil company, is considering buying a strategic stake in the Sabic petrochemical group, Aramco said on Thursday in a statement, adding that the talks were at a “very early stage.” The Public Investment Fund, the country’s sovereign wealth fund, controls 70 percent of Sabic, as Saudi Basic Industries Corp. is known, with the rest of the company’s shares listed on the Saudi stock exchange.