SABIC eyes $3-$6bn acquisition
02 May 2017 - 22:16
Dubai: Saudi Basic Industries Corporation (SABIC) is evaluating acquisition opportunities in the range of $3 to $6bn in the areas of petrochemicals, speciality chemicals and fertilisers, its chief executive said yesterday.
Yousef Abdullah al-Benyan told Reuters in an interview that it aims to do a deal in the fourth quarter of this year.
"There are some opportunities, they are in the range of $3-$6bn," Benyan said on the sidelines of a conference organised by Euromoney. "This is basically the starting point." Benyan said the target markets for acquisition in the petrochemicals are North America and China, while it exploring targets in Africa for fertilisers or agricultural nutrients.
Headquartered in Riyadh, the majority state-owned company is among the world's largest top petrochemical companies. Benyan spoke to Reuters a day after the petrochemical maker reported an 80 percent jump in net profit from a year earlier in the first quarter of 2017.