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Saudi Aramco discusses SABIC plans

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Hydrocarbon Engineering,

Saudi Aramco has responded to media speculation regarding its interest in acquiring an ownership position in the Saudi Basic Industries Corp. (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.

Saudi Aramco has confirmed 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. The company 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.

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Downstream news Saudi Arabia downstream news Saudi Aramco news