Saudi Aramco to sign USD10b funding loan

(MENAFN) Aramco, the Saudi Arabian Oil Co. and the world's largest oil exporter, is to finalize a USD10 billion funding loan, Saudi Gazette reported.

The transaction is set to be divided into two portions, a USD6 billion portion specified for five years and a USD1 billion portion dedicated for only one year, the source said.

Another two portions are also set in place with USD2 billion for five years, according to resources who prefer to remain undisclosed. All tranches are dedicated for a funding loan.

Aramco is currently set to expand its refining and petrochemicals and wants to increase ties with Asia. Hence, the firm purchased a USD2 billion stake in S-Oil Corp., South Korea's third-largest oil refiner.

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