Aramco Seeks Sabic Loan

State petroleum firm Saudi Aramco is talking with international banks about borrowing up to $50bn, which would be used to fund the acquisition of a “strategic interest” in state-led petrochemicals giant Sabic.

Aramco has met with bankers over the past several weeks to present proposals for financing the purchase of a major stake in Sabic, which has a stock market value of about $100bn, according to a 1 October Reuters report.

Riyadh’s Public Investment Fund (PIF) holds 70% of Sabic’s equity, with 30% of its shares being traded on the Saudi Stock Exchange (Tadawul). The deal is expected to involve the purchase of all or nearly all of PIF’s 70% stake in Sabic.


DON'T HAVE AN ACCOUNT?


NEED TO UPGRADE YOUR CURRENT SUBSCRIPTION?

By upgrading your Print or Digital subscription you will gain access to the MEES Archives Database with past articles and data dating back from 1984.

UPGRADE