Saudi Aramco is close to finalising a $10bn loan from a group of banks, Reuters has reported.

Sources have said the money would be used to finance the company’s acquisition of the controlling stake in Saudi Basic Industries . Aramco has already cut $10bn from its capital expenditure this year in an effort to offset the impact of Covid-19.

This deal would be worth $70bn to the country’s Public Investment Firm, who previously owned the 70% stake. Saudi Basic Industries is a chemical manufacturing company and is the second largest public company in the middle east.