RPT-FOCUS-SABIC deal lets Saudi Arabia delay Aramco IPO, spend on growth - sources | Reuters:
A proposed reshuffle of state assets would allow Saudi Arabia to delay the listing of national oil giant Aramco until 2020 or beyond while still spending on economic development projects, according to three sources familiar with the matter.
Late last week Aramco confirmed a Reuters report that it was working on a possible purchase of a “strategic stake” in local petrochemicals maker Saudi Basic Industries Corp from the Public Investment Fund (PIF), the kingdom’s top sovereign wealth fund.
The deal could inject tens of billions of dollars into the PIF, giving it resources to proceed with its plans to create jobs and diversify the economy beyond oil exports, including a $500 billion business zone in the northwest of the country.
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