sabic is owned by the sovereign wealth fund, the pif they were hoping for a payout of 75 billion to 100illion. pif will still get a payout in the tens of billions so the need of a bit of cash for the pif will have been resolved by this deal so the immediate pressure for a bit of capital in order to create more jobs, open up the economy a bit further will have been met by this deal. >> let's not forget the price of oil is significantly higher than where it was in 2016 so for me, i actually am not surprised they have not ruled it out completely obviously they'll preserve optionality in case oil prices dip again. do you think saudi aramco will just wait and see? >> i think they're in a comfortable position at the moment they can go on as they have been i believe something will happen at some stage. but as the minister of energy was saying, they will do it when the time is right, as things go along. there is also an option for them to engage in a private deal, so get an investor in for a small stake, so 1%, 2%, 3% in order do a first step and then look at an ipo later. there's been rumors a

the: to clarify, sabic is -- i wonder how it complicated things with the saudi aramco ipo.this was basically the engine of the nation, and how there could be true independence between them giving the profits to the country versus to shareholders. from your understanding, is that part of the hangup? --ry: i think they hadn't that they had really soft that by creating rules of where the money goes to in the country versus to the shareholders. an implication is that they are in aof a cartel, partnership with russians to control the output of oil. to the extent they want to control oil prices, that is great for shareholders. and if they lower, it is not. the issue, ultimately, was for a variety of reasons, that they decided not to list outside the country. ipo withinocused on the country, which would have been a smaller one, so the profits would have been lower. this way, they are getting a lot of what they are looking for. instead ofesult, issuing equity, they issue bonds, which is a big difference. if i understand correctly, will end up in the sovereign wealth fund to be inve

that's because they were looking to buy a $70 billion stake in the petrochemical maker in saudi arabia, sabic a lot of questions over whether this saudi aramco will happen at all a lot of times plans are announced and then pushed under the carpet, but the saudis have already seen quite a boom from around the hoopla. the talk of the largest ipo for saudi arabia has brought that country into the international spotlight when temperature cos to international investors, getting loans from big massive global banks it's already done a lot for the saudis and for saudi economy, but it remains to be seen whether the sources will actually be proven right dominic? >> hadley, as we talk about the saudi aramco possibilile ipo, ts is a massive undertaking for any capital market participant to be a part of this it also brings more transparency to saudi aramco. is this something that the saudis want? specifically perhaps crown prince mohammed bin salman >> absolutely. i would say certainly when you talk about what happens in saudi arabia, you have to remember this is a top-down society when the king and crown