SABIC has no plans to sell Hadeed, list units: CEO

27/07/2015 Argaam

Saudi Basic Industries Corp. (SABIC) denied reports that the company was planning to sell Saudi Iron and Steel Co. (Hadeed), a wholly-owned affiliate, to Saudi Arabian Mining Co. (Maaden), acting CEO Yousef al-Benyan told reporters at a press conference.

 

The petrochemicals giant, which is 70 percent owned by the Saudi government, has no plans to sell shares or list its subsidiaries in the stock market as independent entities, he added.

 

SABIC won’t take part in the shale oil exploration projects, but might in the future invest in drilling in areas with proven reserves, he added, after announcing the company’s financial results.

 

Regarding possible plans for investment in Iran, he said that for the time being the company hadn’t spotted a suitable opportunity in the Middle Eastern nation, which, along with other international markets, was being carefully studied by SABIC.

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