After having shelved indefinitely plans to go public, Saudi Aramco is looking to buy a majority stake in Saudi chemicals giant Sabic from the government’s sovereign wealth fund, and may borrow US$50 billion from international banks to finance that deal, Reuters reported on Monday, citing banking sources familiar with the talks. Saudi Aramco—whose initial public offering (IPO) is now all but scrapped —plans to buy the 70 percent in Sabic currently in the hands of the Public Investment Fund (PIF) of Saudi Arabia in a deal expected to be worth US$70 billion. Aramco’s acquisition of a majority stake in Sabic would be key to the oil giant’s strategy to expand in the downstream segment and curb emissions, Aramco’s chief executive Amin Nasser told the Financial Times last month, noting that talks about the Sabic acquisition were still at an early stage. According to Reuters’ banking sources, bankers have been […]