SABIC CEO Says Aramco Acquisition Talks are Only with PIF

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Talks on the potential acquisition of a stake in Saudi Basic Industries Corp 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.

“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 and Morgan Stanley 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.