Exclusive: Saudi Aramco mulls stake in world's no. 4 chemical firm: sources | Reuters:
Saudi Arabia’s government is considering a plan under which Aramco would buy a 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.
Saudi Aramco IPO-ARAM.SE has invited banks to pitch for an advisory role on the potential acquisition of a strategic stake in Saudi Basic Industries Corp, two sources with direct knowledge of the matter told Reuters.
Aramco wants to develop its downstream business as the government prepares to sell up to 5 percent of the world’s largest oil producer, possibly by next year. Boosting its petrochemicals portfolio further could help attract potential investors for the IPO.
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