• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 7 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 hours How Far Have We Really Gotten With Alternative Energy
  • 8 days They pay YOU to TAKE Natural Gas
  • 5 days What fool thought this was a good idea...
  • 8 days Why does this keep coming up? (The Renewable Energy Land Rush Could Threaten Food Security)
  • 3 days A question...
  • 14 days The United States produced more crude oil than any nation, at any time.
Time Running Out for BHP's Anglo American Bid

Time Running Out for BHP's Anglo American Bid

The clock is counting down…

Argentina Is Positioning Itself as a Mining Giant

Argentina Is Positioning Itself as a Mining Giant

Argentina is attracting investment in…

India Approves Saudi Aramco-Sabic Mega Deal

The mega deal in which Saudi Aramco is buying 70 percent in Saudi chemicals giant Sabic cleared another hurdle on Friday after India’s competition authority approved the transaction that needs clearance in India because both Saudi companies are operating in the country.

The Competition Commission of India (CCI) said on Friday that it approves the acquisition of 70 percent in Sabic by Saudi Aramco from the Public Investment Fund (PIF) of Saudi Arabia.  

In India, Saudi Aramco is mainly active in the supply of crude oil, liquefied petroleum gas (LPG), base oil, and petrochemical products, while SABIC is mainly active in the supply of agri-nutrient and petrochemical products.

The acquisition of a majority stake in Sabic was one of the officially stated reasons from Saudi Arabia to put on hold the listing plans for Aramco, as the Saudi oil giant focused on acquiring the 70-percent stake in Sabic.

In March this year, Aramco signed the deal to buy 70 percent in Sabic for the equivalent of US$69.1 billion in Saudi riyals at the time.

With one of the biggest acquisitions in the chemicals sector clearing another hurdle, Saudi Aramco can now focus on its initial public offering (IPO), which seems to have been accelerated in recent weeks, regardless of the many unknowns about the actual timing, the international listing venue, or the US$2 trillion valuation for the company the Saudis are after. 

Amid reports that Saudi Arabia has moved to speed up the listing of Aramco and amid conflicting reports about the impact of the attacks on Saudi oil on what would be the world’s largest IPO ever, one of the latest reports coming out of the Kingdom is that Aramco is set to announce as soon as next month its intention to proceed with the initial public offering.

Aramco will officially announce its intention to sell shares on the stock market at some point around October 20, people familiar with the planning told Bloomberg on Wednesday.

ADVERTISEMENT

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News