Aramco nears securing $10B loan from global banks: Report

Saudi Aramco is nearing agreement with international banks on a $10 billion loan (SAR 37.5 billion) that would bolster its finances as conflicts in the Middle East threaten crude exports, Bloomberg reported.

The revolving credit facility, to be signed in the coming weeks, is set to be priced at 60 basis points over the Secured Overnight Financing Rate, the agency added, citing well-informed sources.

The financing will be provided by banks including Bank of China Ltd., Citigroup Inc., HSBC Holdings Plc, Industrial & Commercial Bank of China Ltd., JPMorgan Chase & Co. and Mitsubishi UFJ Financial Group.