Saudi Arabian Oil Co.'s board will meet this week in Saudi Arabia to approve a bond issuance plan that could fund the potential acquisition of a 70% stake in Saudi Basic Industries Corp., according to a March 11 report from Reuters.

The payment is expected to be staggered, allowing Aramco to tap debt investors in various phases. The company targets to issue its first international bonds, estimated at around $10 billion, in the second quarter.

The company is expected to purchase the $70 billion stake from the Public Investment Fund, which serves as the kingdom's top sovereign wealth fund.

SABIC manufactures, markets and distributes chemicals, polymers, plastics, agri-nutrients and metal products.

Reuters also said Saudi Aramco officials will meet fixed-income investors in a roadshow in April.