Saudi Aramco, the world’s largest state-owned oil company, said it renewed a $4 billion revolving credit facility with international and Saudi banks.
The five-year facility replaces a credit line from 2006, the Dhahran, Saudi Arabia-based company said in a statement on its website today. The facility includes a $2.5 billion tranche, of which $1 billion is a 364-day facility, and a $1.5 billion equivalent in riyals, according to the statement.
Saudi Aramco and Saudi Basic Industries Corp., the world’s largest petrochemical maker, are seeking financing as they expand their refining capacity and petrochemical production to diversify their economies away from exports of raw crude and to manufacture higher-margin products. Riyadh-based Saudi Basic sold $1 billion of five-year bonds last month.
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