Saudi Aramco says recent media reports on a Sabic transaction are ''entirely speculative'' | ZAWYA MENA Edition

Saudi Aramco says recent media reports on a Sabic transaction are ''entirely speculative'' | ZAWYA MENA Edition:

Recent media reports on a potential transaction between Saudi Aramco and Saudi Basic Industries Corp. are ''entirely speculative'', Saudi Aramco said in a tweet on Thursday.

''Saudi_Aramco will provide updates when appropriate,'' it said, without specifying the reports it was referrring to or the media outlets concerned.

The world's top oil producer is having preliminary talks with banks about a potential debt financing of up to $70 billion to back its acquisition of a majority stake in Saudi petrochemical firm Sabic, banking sources told Reuters earlier this month.