Some of Wall Street’s biggest lenders are offering Aramco loans for the potential deal. REUTERS/Ahmed Jadallah/File Photo
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Saudi Aramco, the world's largest oil company, is lining up banks to raise money to acquire as much as 70 percent of chemical producer Saudi Basic Industries Corp. in a deal that could value the stake at about $70 billion, according to people familiar with the matter.Aramco is considering buying 50-70 percent from the Public Investment Fund, the country's sovereign wealth fund that controls Sabic, the people said. The PIF and Aramco declined to comment.The sale of about a 5 percent stake in Aramco had been expected to provide funds for investment, though a deal with Sabic could affect the time frame of the offering, Aramco Chief Executive Officer Amin Nasser said last week.
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