Four trades linked to Aramco purchase of 70% stake in SABIC: market sources

FILE PHOTO: The headquarters of Saudi Basic Industries Corp is seen in Riyadh, Saudi Arabia April 19, 2016. REUTERS/Faisal Al Nasser/File Photo

RIYADH - Four transactions involving 2.1 billion shares in Saudi Basic Industries Corp 2010.SE on the Saudi bourse on Sunday appeared to be linked to Saudi Aramco’s planned purchase of a 70% stake in the petrochemicals company, two market sources said.Saudi Aramco last year agreed to buy a 70% stake in Saudi SABIC from the kingdom’s wealth fund for $69.1 billion in one of the biggest deals in the global chemical industry.

Cross transactions, known as special deals in Tadawul, are executed at an agreed price between a buyer and a seller whose identity are not revealed by the market. “No doubt, this is a transaction between PIF as a seller and Aramco as a buyer,” one of the sources said, adding that an official announcement will most likely be available after market close.

The agreement will help boost Aramco’s downstream growth plans and could inject billions of dollars into the PIF, giving it the firepower to proceed with its plans to create jobs and diversify the largest Arab economy beyond oil exports.Reporting by Marwa Rashad; additionnal reporting by Saeed Azhar;Editing by Elaine Hardcastle

so sucking Aramco's cash directly into gov. safe?

Hmmm...

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Saudi oil market share set to hit highest since 1980s: J.P. MorganSaudi Arabia's share of the oil market is set to rise this decade to its highest since the 1980s as investment in production elsewhere dries up in the wake of the coronavirus crisis, J.P. Morgan said in a report. Pandemic has meant less driving,big energy trying to leverage the small window of re-opening This doesn't end well
Source: Reuters - 🏆 2. / 97 Read more »