Aramco's potential SABIC deal to impact IPO timing: CEO on Arabiya TV | Reuters:
Saudi Aramco’s IPO-ARMO.SE potential acquisition of a stake in Saudi petrochemicals maker SABIC 2010.SE would affect the time frame of its own planned initial public offering, Aramco’s chief executive Amin Nasser said in a television interview on Friday.
Saudi-owned Al Arabiya television cited Nasser as saying that buying a stake in a petrochemicals company would make the state oil giant less vulnerable to price volatility.
Aramco said on Thursday it is looking to buy a strategic stake in SABIC, a move that could boost the state oil giant’s market valuation ahead of a planned IPO.
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