July 29, 2018 / 7:55 AM / 17 days ago

Saudi's SABIC CEO says Aramco acquisition talks are only with PIF

RIYADH (Reuters) - Talks on the potential acquisition of a stake in Saudi Basic Industries Corp 2010.SE are taking place solely between national oil firm Saudi Aramco and the kingdom’s top sovereign wealth fund, SABIC’s chief executive said on Sunday.

FILE PHOTO: A man walks past the headquarters of Saudi Basic Industries Corp (SABIC) in Riyadh, Saudi Arabia October 27, 2013. REUTERS/Faisal Al Nasser/File Photo

“Hard to expect anything in this regard — Aramco-PIF talks are between an owner and a future investor,” Yousef al-Benyan told a news conference. “I can assure you we have trust in our regulators.”

This month, Aramco confirmed a Reuters report that it was working on the possible purchase of a “strategic stake” in SABIC from the Public Investment Fund.

JPMorgan (JPM.N) and Morgan Stanley (MS.N) have been picked to advise on Aramco’s plan to buy up to a 70 percent stake in the petrochemical maker, sources familiar with the matter said.

Reporting by Marwa Rashad; Writing by Rania El Gamal; Editing by Andrew Torchia

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