Nasser said the company is still in the early stages of talks with Sabic and that a deal isn’t certain. REUTERS/Hamad I Mohammed
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Saudi Aramco signaled another potential delay for the world's largest initial public offering after it started talks last week to buy a stake in a local petrochemical company.Sabic, as the chemical company is known, carries a market value of little more than $100 billion and the sovereign wealth fund controls a 70 percent stake.A stake in a chemical company like Sabic makes Aramco less vulnerable to volatile oil prices and would be positive for its revenue, Nasser told Arabiya.The potential deal between Aramco and Sabic could enable the sovereign fund to raise billions of dollars it had hoped to collect from Aramco's stalled IPO.Aramco has hired several Wall Street banks, including HSBC Bank PLC, Morgan Stanley and JPMorgan Chase & Co., which have been working for months to prepare the deal.
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