Saudi Aramco’s planned purchase of state investment firm PIF’s 70% of state petchems firm Sabic had given every indication of being a shotgun wedding hastily arranged by Crown Prince Muhammad bin Salman in a bid to rustle up seed capital for his National Transformation Plan (MEES, 31 August). Almost all outside observers agree that Aramco’s management had no say in the decision.
But if this is the case then Aramco CEO Amin Nasser is putting a brave face on things. In a 24 September interview with the FT he not only confirms for the first time that a takeover is in the works – Aramco previously dismissed “media speculation” – he claims the move is “a very strategically [good] fit with what we are aspiring to be, which is deeper in the downstream sector.” (CONTINUED - 185 WORDS)