Saudi oil company Aramco says reports on deal with Sabic "speculative"

2018-09-14 10:10

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Saudi oil company Aramco referred on Thursday to media reports on its deal with Saudi Basic Industries Corp Sabic as "entirely speculative," Al Arabiya local news reported.

It highlighted that it would provide updates when appropriate without specifying the reports it was referring to or the media outlets concerned.

Saudi Aramco had previously refuted interest in acquiring ownership position at Sabic in July.

According to the company, discussions were preliminary and there was no certainty that any such transaction will take place.

"Saudi Aramco has no plans to acquire any publicly held shares of Saudi Basic Industries Corp Sabic," it had said adding that appropriate announcements will be made in compliance with applicable regulations.

Meanwhile, the media reports highlighted this week that Aramco plans to acquire 70 percent of Sabic that has a market value of 103 U.S. billion dollars.
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