Saudi Aramco officials began early talks with banks about a potential debt financing of up to $70 billion to back its acquisition of a majority stake in Saudi petrochemical firm Sabic, Reuters reports, citing banking sources.
JPMorgan and Morgan Stanley were picked to advise on Saudi Aramco’s plan in July.

Khalid A. Al-Falih is Minister of Energy, Industry and Mineral Resources of Saudi Arabia and chairman of Saudi Aramco.
Aramco is looking at the 70% strategic stake in Sabic which is currently owned by the Saudi Public Investment Fund (PIF).
Bankers cited by Reuters say a potential financing of US$50-70bn is “a strong possibility.”
One banker told Reuters, ““This is the big one, it could be the largest Middle East deal ever – the deal of the decade in terms of quantum. We are very interested in it and we are actively pitching for it.”