Aramco to Borrow $10 Billion from Global Banks
Saudi Aramco is close to finalizing a $10 billion loan agreement with global banks to strengthen its financial position amid risks to oil exports from conflicts.
Translated by Qiyas from الجريدة — Original source
Bloomberg reported that Saudi energy giant Aramco is close to finalizing a deal with international banks for a $10 billion loan, a move that would bolster its financial position amid threats to crude oil exports from conflicts in the Middle East.
According to people familiar with the matter, banks including Bank of China, Citigroup, HSBC Holdings, Industrial and Commercial Bank of China, JPMorgan Chase, and Mitsubishi UFJ Financial Group are expected to provide a revolving credit facility, which is anticipated to be signed in the coming weeks.
The new facility is expected to be priced at 60 basis points above the Secured Overnight Financing Rate, according to those familiar with the matter, who requested anonymity due to the confidential nature of the discussions.
