International sources are reporting that the world’s largest oil company will look for around $50 billion from international banks, largely to be used to finance a majority stake in Saudi Basic Industries Corporation (SABIC). International banks have been approached by Aramco in the last couple of weeks, as the state-owned oil giant is looking to acquire a majority stake, currently held by the Saudi sovereign wealth fund Public Investment Fund (PIF). SABIC holds a market value of around $100 billion at present. The Saudi PIF holds a 70 percent stake in SABIC, which would mean that Aramco would need to finance the rest from its own reserves, which are an estimated $20 billion. The statements come just shortly after Aramco’s CEO Amin Nasser reiterated that his company is still committed to the IPO. It is still not clear when the financing is going to take place, but financial sources […]