MOSCOW (MRC) -- Saudi Aramco said that all funding options, including the issuance of bonds, are being considered for its potential acquisition of a stake in petrochemicals firm SABIC, and that it would make related disclosures when it is appropriate to do so, reported Reuters.
"The company is actively pursuing a strategy of enhancing its portfolio by investing further into downstream and the petrochemical sector in particular. This includes discussions underway with the Public Investment Fund regarding the potential acquisition of a strategic interest in SABIC," Aramco said in a statement to Reuters.
"All funding options, including the issuance of bonds, are being examined. The company will make any related disclosures as and when it is appropriate to do so."
The statement came after the Wall Street Journal reported this week that Aramco no longer plans to launch what would have been one of the world’s largest-ever corporate-bond sales to fund its acquisition of a stake in Saudi Basic Industries.
As MRC informed before, Saudi Aramco’s potential acquisition of a stake in petrochemicals maker SABIC would affect the timeframe of its own planned initial public offering, the firm’s chief executive, Amin Nasser, said in a TV interview in late July 2018.
Saudi Aramco is an integrated oil and chemicals company, a global leader in hydrocarbon production, refining processes and distribution, as well as one of the largest global oil exporters. It manages proven reserves of crude oil and condensate estimated at 261.1bn barrels, and produces 9.54 million bbl daily. Headquartered in Dhahran, Saudi Arabia, the company employs over 61,000 staff in 77 countries.
Saudi Basic Industries Corporation (Sabic) ranks among the world's top petrochemical companies. The company is among the worldпїЅs market leaders in the production of polyethylene, polypropylene and other advanced thermoplastics, glycols, methanol and fertilizers.
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