Saudi Aramco said on Thursday it is looking to buy a stake in petrochemical maker Saudi Basic Industries Corporation (SABIC).
Aramco said in a statement that it was in "very early-stage discussions" with the Kingdom's Public Investment Fund (PIF) to acquire the stake in SABIC via a private transaction.
“These discussions are preliminary and there is no certainty that any such transaction will take place,” it said in a press release.
“Saudi Aramco has no plans to acquire any publicly held shares of SABIC,” it added.
In a separate statement, the PIF also said that talks about a sale were in early stages.
"There is a possibility that no agreement will be reached in relation to this potential transaction," PIF said in a statement.
