ABU DHABI May 3 National oil firm Saudi Aramco
plans to cut its stake in Sadara Chemical Co IPO-SACH.SE, a
joint venture with U.S. company Dow Chemical, via an
initial public offer of shares, Sadara chief executive Ziad
al-Labban said on Wednesday.
"Aramco has a stake of 65 percent in Sadara - they want to
become equal with Dow, which has a 35 percent stake. The 30
percent I believe will be IPOed by Saudi Aramco," Labban told
reporters on the sidelines of a petrochemical industry
He did not give a timeline or other details. Executives
first raised the possibility of an IPO for Sadara years ago; a
source familiar with the matter told Reuters this year that it
would occur after the planned IPO of Aramco itself, which is due
to take place in 2018.
(Reporting by Stanley Carvalho; Writing by Andrew Torchia)