CNBC Saudi Aramco completed the purchase of its 70% stake in the kingdom’s petrochemical giant Sabic from the Saudi Public Investment Fund, it announced Wednesday, tying the knot on one of the largest ever deals in the global chemicals industry. The state oil company also announced an extension of its $69.1 billion payment plan — to be in staggered instalments
From Reuters Saudi Crown Prince Mohammed Bin Salman is insisting on a $2 trillion valuation of oil firm Aramco, even though some bankers and company insiders say the kingdom should trim its target to around $1.5 trillion, industry and banking sources said. With Aramco talking again to banks about an initial public offering (IPO), its board is meeting later this
From The Wall Street Journal Saudi Arabia’s national oil company has agreed to buy a 70% stake in Saudi Basic Industries Corp., the kingdom’s petrochemicals firm, for $69.1 billion, giving Crown Prince Mohammed bin Salman’s agenda a massive jolt of cash. The merger of Aramco and Sabic, as the petrochemicals firm is known, would join the country’s two largest companies.
From Reuters Saudi Aramco’s potential acquisition of a stake in petrochemicals maker SABIC would affect the timeframe of its own planned initial public offering, the firm’s chief executive, Amin Nasser, said in a TV interview. The offering is the centerpiece of an ambitious plan championed by Crown Prince Mohammed bin Salman to diversify Saudi Arabia’s economy beyond oil, but preparations
From Reuters Saudi Aramco (IPO-ARAM.SE) said on Thursday it is looking to buy a strategic stake in Saudi petrochemical maker SABIC (2010.SE), a move that could boost the state oil giant’s market valuation ahead of a planned initial public offering. Aramco said in a statement that it was in “very early-stage discussions” with the kingdom’s Public Investment Fund (PIF) to
Saudi investment in U.S. shale continues in the down market, not interested in acquiring U.S. companies at this point Saudi Basic Industries Corp. (ticker: TADAWUL:2010), or Sabic, plans to expand investment in U.S. shale gas projects through joint ventures, according to acting CEO Yousef al Benyan. Sabic has signed an agreement with Houston-based Enterprise Products Partners (ticker: EPD) to obtain
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