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.