ABU DHABI, May 3 (Reuters) - National oil firm Saudi Aramco plans to cut its stake in Sadara Chemical Co IPO-SACH.SE, a joint venture with U.S. company Dow Chemical, via an initial public offer of shares, Sadara chief executive Ziad al-Labban said on Wednesday.
“Aramco has a stake of 65 percent in Sadara - they want to become equal with Dow, which has a 35 percent stake. The 30 percent I believe will be IPOed by Saudi Aramco,” Labban told reporters on the sidelines of a petrochemical industry conference.
He did not give a timeline or other details. Executives first raised the possibility of an IPO for Sadara years ago; a source familiar with the matter told Reuters this year that it would occur after the planned IPO of Aramco itself, which is due to take place in 2018. (Reporting by Stanley Carvalho; Writing by Andrew Torchia)