SABIC-Saudi Aramco-PIF Venture May Eventually Go Public

SABIC’s acting CEO Yousef Abdullah al-Benyan said the idea was still at an early stage.

A venture between Saudi Basic Industries Corp, state oil giant Saudi Aramco and the government’s Public Investment Fund may eventually go public, SABIC’s acting chief executive Yousef Abdullah al-Benyan said on Sunday.

Speaking at a news conference, Benyan said the idea was still in a very early stage and he did not give details.

Early last year the government approved the creation of the Saudi Arabian Company for Industrial Investment with capital of SAR2 billion ($533 million), which would help to diversify the economy by focusing on manufacuring industries.