The move is likely to boost Aramco's petrochemicals portfolio ahead of a potential IPO slated for 2019.
Saudi Arabia’s Aramco has engaged banks for an advice on the potential acquisition of a strategic stake in Saudi Basic Industries Corp (SABIC).
The invitation of banks to provide advisory role was made last month, and the acquisition of move SABIC could boost the state oil giant’s market value.
SABIC is 70 per cent owned by Saudi Arabia’s sovereign wealth fund and has a market capitalisation of SAR 385.2 billion ($102.7 billion).
Aramco plans to boost investments in refining and petrochemicals to secure new markets for its crude, reported Reuters.