Published: Sat, January 12, 2019
Markets | By Noel Gibbs

Aramco to issue 1st ever global bond this year

Aramco to issue 1st ever global bond this year

Saudi Arabian Energy Minister Khalid Al-Falih revealed the plan on Wednesday in Riyadh, adding the company wanted flexibility in funding the Sabic deal, which could cost about $70 billion.

The audit was carried out by Dallas-based consultancy DeGolyer and MacNaughton.

Top oil exporter Saudi Arabia announced a slight rise in its crude oil reserves on Wednesday after they were independently audited, providing more detail about the size of deposits shrouded in secrecy for decades. Al-Falih reiterated Crown Prince Mohammed bin Salman's comments in 2018 that Riyadh is aiming for Aramco's initial public offering in 2021.

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The minister will receive the Saudi delegation at Gwadar, where he will be joined by the officials of PSO and BOI, said the source.

Saudi Arabia, one of the world's largest oil producers, says it has 268.5 billion barrels of proven crude oil reserves, a figure higher than previously known.

Reports of how Aramco plans to finance the acquisition of the majority stake in Sabic started to circulate in October previous year, with some reports saying that Aramco may borrow US$50 billion from worldwide banks to finance that deal.

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Saudi Arabia, the world´s top oil exporter, is the third biggest crude producer after the United States and Russian Federation.

Saudi Arabia, though, is unlikely to boost its production capacity beyond 12 million barrels of oil per day by developing further its reserves because it requires substantial investments at time of falling oil prices and tapering global demand for crude.

"This certification underscores why every barrel we produce is the most profitable in the world, and why we believe Saudi Aramco is the world's most valuable company and indeed the world's most important", he said.

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When the oil giant issues the bonds, it will be required to disclose its accounts to investors for the first time since its nationalization 40 years ago, as well as information on oil reserves and operations.

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