Saudi Aramco has noticed media speculation regarding its possible interest in acquiring an ownership position in the Saudi Basic Industries Corporation (SABIC).
The company says it has been evaluating numerous acquisition opportunities, both local and global, in line with its strategy of rebalancing its portfolio by moving further into downstream and the petrochemical sector.
Saudi Aramco confirms that it is engaged in very early-stage discussions with the Public Investment Fund (PIF) regarding acquiring a strategic interest in SABIC by way of a private transaction.
There is no certainty that any such transaction will take place, as these discussions are preliminary.
Saudi Aramco has no plans to acquire any publicly held shares of SABIC.