Saudi Aramco seeks project finance loan of more than $1 billion: sources

DUBAI - Saudi Aramco has asked banks to submit proposals for a project finance loan of more than $1 billion, two sources with direct knowledge of the matter said.

Aramco’s Chief Executive Amin Nasser has said the company, which is preparing for an initial public offering , was still in the process of estimating repair work but that it was “not that significant,” given the company’s size. Aramco, the most profitable oil company in the world, earlier this year raised $12 billion with its first international bond issue after receiving more than $100 billion in orders.Last year, Aramco and Malaysia’s Petronas approached banks to replace a short-term $8 billion loan raised for a joint venture with long-term financing of approximately the same size, banking sources said.

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