Saudi Aramco, the world's largest oil producer, is in early talks with banks for a loan of about US$10 billion to help finance its acquisition of a 70per cent stake in Saudi Basic Industries Corp , according to three banking sources.
"Ten billion dollars is where they want to get to, not clear if, in this market, they'll manage to reach that." A third banker said Aramco was looking to borrow in U.S. dollars because it was cheaper than in Saudi riyals, in terms of interest, and to avoid pressuring Saudi banks' liquidity.The SABIC stake acquisition from Saudi Arabia's Public Investment Fund will help Aramco's downstream expansion plans. The deal came after months of talks between the company and PIF and was one of the reasons for the delay of Aramco's blockbuster initial public offering late last year.
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Source: ChannelNewsAsia - 🏆 6. / 66 Read more »