After having shelved indefinitely plans to go public, Saudi Aramco is looking to buy a majority stake in Saudi chemicals giant Sabic from the government’s sovereign wealth fund, and may borrow US$50 billion from international banks to finance that deal, Reuters reported on Monday, citing banking sources familiar with the talks. Saudi Aramco—whose initial public offering (IPO) is now all but scrapped—plans to buy the 70 percent in Sabic currently in the hands of the Public Investment Fund (PIF) of Saudi Arabia in a deal expected…
