Riyadh – Mubasher: Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has chosen Goldman Sachs & Co to advise it on the sale of its stake in the Saudi Basic Industries Corporation (SABIC) to State-run Aramco.

Meanwhile, Citigroup Inc was selected to advise the Saudi petrochemicals firm on the deal, Reuters reported in Monday, citing two informed sources as saying.

Citigroup, Goldman Sachs, PIF, and SABIC did not comment.

Over the previous period, Reuters had said that JPMorgan and Morgan Stanley would advise the world's largest oil producer on the transaction.

SABIC is considered the fourth largest global petrochemicals company with a market capitalisation of SAR 385.2 billion ($103 billion).