(MENAFN) Aramco, Saudi biggest oil exporter, signed a USD10 billion loan with twenty seven funding organizations, marking an advantageous move over encouraging business conditions that facilitated decent borrowing terms, Arabian Business reported.
The loan is due to substitute a current USD4 billion facility to fully develop this year. Aramco's most recent credit agreement is paid in both U.S. dollars and Saudi riyals and is equivalent to what is known as a standby loan, which means it will be taken when needed.
The dollar segment of the loan reaches USD7 billion, in which USD6 billion over a period of five extendable years is nominated. The remaining USD1 billion is 364-facility loan, which is renewable on yearly basis. The number of times the sum would be renegotiated remains undisclosed.
"This pricing sets a benchmark in the kingdom and the region and reflects the banking community's continuing confidence in Saudi Aramco and Saudi Arabia," the company said in a statement, commenting on its most recent set of loans.
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