Saudi Aramco is close to an agreement to buy a majority stake in Saudi Basic Industries Corp. (SABIC) from the kingdom’s sovereign wealth fund as the world’s biggest oil firm turns its attention to petrochemicals, according to Bloomberg, citing people familiar with the matter. An announcement on the proposed transaction, which could value the Public Investment Fund’s 70 percent stake at about $70 billion, may be announced in the coming days. However, no final decisions have been made and the timing and price of the deal could still change.
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