• 4 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 7 minutes Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 13 minutes NordStream2
  • 11 mins Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 16 hours California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 19 hours "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 4 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 days "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 1 day U.S. : Employers Can Buy Retirement Security for $2.64 an Hour
  • 2 days Nord Stream - US/German consultations
  • 4 days An Indian Opinion on What is Going on in China
  • 4 days Can Technology Keep Coal Plants Alive and Well?
  • 5 days Succession Planning in Human Resources for Vaccinated Individuals in the Oil & Gas Industry
  • 21 hours Forecasts for Natural Gas
  • 1 day Australia sues Neoen for lack of power from its Tesla battery
  • 4 days Storage of gas cylinders
  • 5 days Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
Inflation Fears Hit Fever Pitch As Gas Rally Continues

Inflation Fears Hit Fever Pitch As Gas Rally Continues

With natural gas prices climbing,…

IEA: Energy Crisis Threatens Economic Recovery

IEA: Energy Crisis Threatens Economic Recovery

The energy crisis that has…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Aramco Aims To Refinance $10 Billion Worth Of Loans

The world’s largest oil company, Saudi Aramco, is looking to refinance as much as $10 billion in loans that it raised six years ago, banking sources told Reuters on Thursday.

The Saudi state-held oil giant has been reportedly very active on the debt market in recent months after last year’s crisis reduced its profits. At the same time, Aramco continues to pledge annual dividends of $75 billion to shareholders, the biggest of which is the Kingdom of Saudi Arabia, with more than 98 percent.

The latest debt that Aramco aims to refinance is a $10-billion revolving credit facility raised in 2015 from a group of banks. That facility included two five-year loans, one each in U.S. dollars and Saudi riyals, and two one-year loans renewable each year.

Saudi Aramco has now decided to refinance the $10 billion loans, instead of renewing the one-year loans every year, Reuters’ sources said.

According to one of those sources, the Saudi firm has also recently renewed another one-year $10 billion loan which it took in May 2020.

Saudi Aramco was said last month to be seeking to extend that $10-billion loan which it raised from a group of banks last year in May to finance its acquisition of Sabic, the Saudi petrochemicals major, which cost the energy company some $69 billion and wrapped up in June 2020.

The loan was supposed to be repaid from the proceeds of a bond that Aramco issued later last year. However, the company did not repay the Sabic loan. It raised $8 billion from the bond. It was the second bond that Aramco issued in as many years after placing a $12-billion bond with international buyers in 2019.

Over the past two years, Saudi Aramco’s debt levels have jumped nearly four times as the oil giant was financing the Sabic deal. Then the collapse in oil prices hit its revenues and profits.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News