Saudi Aramco says reports on SABIC stake ‘entirely speculative’

Media reports on a potential transaction between Saudi Aramco and the Saudi Arabian Basic Industries Corp. (SABIC) were “entirely speculative,” the state energy firm said on Thursday. (Screenshot)
Updated 13 September 2018
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Saudi Aramco says reports on SABIC stake ‘entirely speculative’

  • Saudi Aramco tweeted media speculation was "entirely speculative"
  • It follows media speculation in recent weeks about a potential deal involving the purchase of the petrochemicals giant by Aramco

LONDON: Media reports on a potential transaction between Saudi Aramco and the Saudi Arabian Basic Industries Corp. (SABIC) were “entirely speculative,” the state energy firm said on Thursday.
It follows media speculation in recent weeks about a potential deal involving the purchase of the petrochemicals giant by Aramco.
“Saudi Aramco will provide updates when appropriate,” the national oil company tweeted, without mentioning which reports it referred to or the media outlets concerned.

Saudi Aramco in July denied interest in acquiring an ownership position at SABIC in July, but said it was in “very early-stage discussions” with the Kingdom’s Public Investment Fund (PIF) to acquire a stake in SABIC via a private transaction.
“Saudi Aramco has no plans to acquire any publicly held shares of SABIC,” it had said, adding that appropriate announcements would be made in compliance with “applicable regulations.”

 


Air France to keep flying to Cairo

Updated 8 min 21 sec ago
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Air France to keep flying to Cairo

  • British Airways, a unit of IAG said on Saturday it was suspending flights to Cairo for seven days “as a precaution”
  • Germany’s Lufthansa later said it had canceled its flights to Cairo from Munich and Frankfurt and would resume its connection on Sunday

PARIS: Air France is maintaining its flights to Cairo, a spokesman for the airline said on Sunday, following the decision by rivals British Airways and Lufthansa to suspend flights to Egypt’s capital over security concerns.
British Airways, a unit of IAG said on Saturday it was suspending flights to Cairo for seven days “as a precaution” as it reviews the security of the airport in Cairo.
Germany’s Lufthansa later said it had canceled its flights to Cairo from Munich and Frankfurt and would resume its connection on Sunday.
“In liaison with the French authorities and the local authorities in Egypt, Air France has decided to maintain its service to Cairo,” Air France’s spokesman said in a written statement sent to Reuters.