Riyadh – Mubasher: Saudi Aramco, the world's largest oil producer, has appointed US banks JPMorgan and Morgan Stanley as financial advisers for its plan to acquire as much as 70% of chemical producer Saudi Basic Industries (SABIC).
On Monday, sources told Reuters that the Middle Eastern oil giant is considering buying 50% to 70% from the Public Investment Fund, the country’s sovereign wealth fund which controls Sabic.
By the end of the previous week, the largest oil firm affirmed its plans to buy PIF’s stake in SABIC.
SABIC, which is listed on the Saudi Stock Exchange (Tadawul), is the fourth international largest petrochemicals company with a market capitalisation value of SAR 385.2 billion ($103 billion).
