Saudi Aramco aims to buy controlling stake in SABIC: sources | ZAWYA MENA Edition

Saudi Aramco aims to buy controlling stake in SABIC: sources | ZAWYA MENA Edition:

Saudi Aramco aims to buy a controlling stake in petrochemical maker SABIC, possibly taking the entire 70 percent stake owned by Saudi Arabia's sovereign wealth fund, two sources familiar with the matter told Reuters.

Late last week Aramco confirmed a Reuters report that it was working on a possible purchase of a "strategic stake" in Saudi Basic Industries Corp (SABIC) from the Public Investment Fund, the kingdom's top sovereign wealth fund. 

Aramco's initial thinking is to buy the full stake owned by the Public Investment Fund (PIF), but if that fails to materialise Aramco could end up with a stake in SABIC of more than 50 percent, making it a majority owner, the sources said.