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Energy giant Saudi Aramco said Monday it had hired banks to sell dollar-denominated bonds, to boost finances as the coronavirus pandemic weighs heavily on global demand for crude oil. This comes two weeks after the company, seen as Saudi Arabia’s main cash cow, posted a 44.6 percent slump in third-quarter profit compared to the same time last year.
Aramco said in a statement its multi-tranche offering will range between three and 50 years, subject to market conditions. It did not specify the total value, which is expected to be in the billions. The company said it had hired the banks Citi, Goldman Sachs, HSBC, JP Morgan, Morgan Stanley and NCB Capital.
Aramco has said it is committed to a bumper dividend even as third quarter net profits dropped to 44.21 billion Saudi riyals ($11.79 billion) compared to $21.3 billion in the same period last year. Aramco’s net profit for the first nine months of this year also dropped, by 48.6 percent to $35.02 billion, the company said.
