July 20, 2018 / 7:09 PM / a year ago

Aramco's potential SABIC deal to impact IPO timing - CEO on Arabiya TV

RIYADH, July 20 (Reuters) - Saudi Aramco’s (IPO-ARMO.SE) chief executive Amin Nasser said on Friday that an agreement over a potential acquisition of a stake in Saudi petrochemicals maker SABIC would affect the time frame of its planned initial public offering.

Saudi-owned Al Arabiya television cited Nasser as saying that buying a stake in a petrochemicals company such as SABIC will reflect positively on Aramco’s revenues as it makes it less vulnerable to oil price volatility.

Aramco said on Thursday it is looking to buy a strategic stake in SABIC, a move that could boost the oil company’s market valuation ahead of a planned IPO. (Reporting by Marwa Rashad; Writing by Rania El Gamal; Editing by Louise Heavens)

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