July 19, 2018 / 4:58 AM / in 4 months

Saudi Aramco in talks with sovereign wealth fund PIF to buy SABIC stake

DUBAI (Reuters) - Saudi Aramco is in early talks to acquire a stake in Saudi Basic Industries Co (SABIC) from the Public Investment Fund (PIF), the oil giant and Saudi Arabian sovereign wealth fund said on Thursday.

Aramco and PIF are in early stage talks about a potential private sale and there is no certainty the transaction would complete, they said in separate statements.

“Saudi Aramco has no plans to acquire any publicly held shares of SABIC,” the oil company said.

Reuters reported on Wednesday that Saudi Arabia’s government was considering a plan for Aramco to buy a stake in the petrochemical maker.

Reporting by Katie Paul; Editing by Gopakumar Warrier

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