Saudi Aramco has denied that it was competing for a stake in US based Frac Tech International, a company that operates technology used extensively in North America to free up trapped oil and natural gas.

Aramco said in a statement that "Recent media reports suggesting Saudi Aramco is competing for an interest in a US based shale gas services provider are completely untrue."

On December 14th 2011, sources told Reuters that Saudi Aramco and Chinese oil companies are each in talks to buy a stake in Frac Tech International.

The sources said Frac Tech was also in advanced talks with Aramco, Spain's Repsol YPF and Sinopec as China Petroleum and Chemical Corp is known to establish three separate JVs in the Middle East, Argentina and China.

(Sourced from www.gulfnews.com)