Saudi Aramco, the largest oil company in the world, said that it is about to start offering a new issue of dollar-denominated bonds, during the period from 16 to 18 November, in light of the continuing Corona crisis that affected oil prices and demand.
The company stated, in a disclosure to the local stock exchange, on Monday, that the volume, price, yield and face value of the issue will be determined according to market conditions.
The maturities of the bonds will be three, five, ten, thirty and / or fifty years, depending on market conditions.
The company has appointed Citi, Goldman Sachs International, HSBC, JP Morgan, Morgan Stanley and National Capital banks to manage the issue.
In April 2019, Aramco previously issued its first international bond issue worth $ 12 billion, to acquire 70% of Saudi Arabia's SABIC, which is the largest petrochemical company in the region and the fourth in the world.
At the same time, Aramco's net profit fell by 48.6% on an annual basis during the first nine months of this year, driven by the pressure of declining oil prices and global sales during the outbreak of the Corona epidemic.
The company's net profit after zakat and tax amounted to 131.31 billion riyals ($ 35 billion), down from 255.71 billion riyals ($ 68.18 billion) in the corresponding period of 2019.
It is worth noting that global crude oil prices fell to their lowest level in two decades this year, due to a price war between Saudi Arabia and Russia, accompanied by a sharp drop in demand as a result of the closure of borders and economic facilities in most countries of the world. To prevent corona virus.
Last week, Fitch Ratings revised the outlook for the global oil giant, Saudi Aramco, from "stable" to "negative" with the long-term rating fixed at the "A" level.
0 Comments