Profit for the first six months of the year plunged 55% to US$1.47 billion, says SABIC.
Saudi Arabia has been home to some of the world’s hottest deals this year, as Europe and Asia have languished.
The Public Investment Fund, or PIF, is looking for a bridge loan that will be fully underwritten by lenders.
The deal between three government-owned entities moves money from one pocket of the state to another.
International demand for Aramco's bonds is expected to be hefty.
The deal had been in negotiations for months.
The kingdom will decide in the next few weeks about the size of the proposed bond.
State-owned Saudi Aramco is in talks to buy shares in Sabic from the country’s sovereign wealth fund as the world’s biggest crude oil exporter expands.
State-owned oil company Aramco plans to buy a controlling stake in SABIC, possibly taking the sovereign Public Investment Fund's (PIF) entire 70% holding.