Riyadh – Mubasher: State oil company Saudi Aramco, on Thursday announced starting negotiations with the Public Investment Fund (PIF) to purchase a stake in the Saudi Basic Industries Corporation (SABIC).

Aramco and the Saudi Arabian sovereign wealth fund are still in early-stage talks over a potential private sale and there is no certainty the transaction would be completed, they said in separate statements.

The world's largest oil producer said that it “has no plans to acquire any publicly held shares of SABIC.”

On Wednesday, media sources said that Aramco had invited banks to advise on a potential acquisition in Saudi petrochemical maker SABIC.