Saudi Aramco’s potential acquisition of a stake in petrochemicals maker SABIC would affect the time frame of its own planned initial public offering, the firm’s chief executive, Amin Nasser, said in a TV interview transcript.
Saudi Aramco (IPO-ARAM.SE) said it is looking to buy a stake in Saudi petrochemical maker SABIC (2010.SE), a move that could boost the state oil giant’s market valuation ahead of a planned initial public offering.
Saudi Aramco IPO-ARAM.SE has invited banks to pitch for an advisory role on the potential acquisition of a strategic stake in Saudi Basic Industries Corp (SABIC) 2010.SE, two sources with direct knowledge of the matter told Reuters.
Saudi Aramco is more resilient to oil price slumps than its biggest listed rivals, its 2016 accounts indicate, giving a rare insight into Aramco’s finances ahead of a proposed flotation.
Shiv Sena alleged the state govt was not taken into confidence about an MoU signed by ADNOC with Saudi Aramco to take a stake in the planned USD 44-bn refinery in Maharashtra.
Saudi Aramco said it has a spare capacity of 2 million barrels per day and can meet additional oil demand in case of any interruption in supplies.
ADNOC signed an initial agreement to pick up a stake in the planned USD 44-billion refinery-cum-petrochemical project in Ratnagiri, Maharashtra.
Britain’s markets watchdog will press ahead with a new premium listing next month aimed at attracting companies like state-controlled Saudi Aramco to London.
Saudi Aramco has agreed a term contract with Indonesia’s Pertamina for the first time to supply gasoline over July to December this year, traders familiar with the matter said.
Saudi Aramco created a subsidiary to house its multibn-dollar pension fund and could spin off its aviation division, as it restructures some assets not related to oil and gas ahead of its planned IPO.