Saudi Aramco Props Up Slumping Middle East Energy Debt Market - Bloomberg:
Gulf Arab energy companies took on marginally more total debt in 2019 compared with the previous year, but the increase was skewed by a surge in borrowing by Saudi Aramco and its refining joint venture.
Excluding new Saudi loans and bonds of $15.6 billion, energy-company debt in the oil-rich region tumbled by two-thirds, according to data compiled by Bloomberg.
Lending was particularly sluggish in the second half of 2019, when these companies borrowed just $5.5 billion -- the lowest level in three years.
Aramco’s majority-owned Satorp refinery venture alone accounted for $3.6 billion of all second-half debt.
Gulf Arab energy companies took on marginally more total debt in 2019 compared with the previous year, but the increase was skewed by a surge in borrowing by Saudi Aramco and its refining joint venture.
Excluding new Saudi loans and bonds of $15.6 billion, energy-company debt in the oil-rich region tumbled by two-thirds, according to data compiled by Bloomberg.
Lending was particularly sluggish in the second half of 2019, when these companies borrowed just $5.5 billion -- the lowest level in three years.
Aramco’s majority-owned Satorp refinery venture alone accounted for $3.6 billion of all second-half debt.
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