Receive our newsletter – data, insights and analysis delivered to you
  1. Uncategorised
May 7, 2020

Saudi Aramco to take $10bn loan for $70bn deal

By Matt Farmer

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.

Related Companies

Content from our partners
Green investment: What gives Scotland multiple advantages
How the North of Tyne region is leveraging its legacy to define its future
Topics in this article:
NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Friday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU