Saudi Arabia's state-controlled energy giant Aramco plans to issue a $10 billion bond as early as next week, the Wall Street Journal reported Thursday, citing unnamed sources familiar with the matter.
The move is designed to help raise funds for a down payment on the oil giant's $69.1 billion purchase of a majority stake in petrochemicals firm Sabic Basic Industries, the Wall Street Journal reported.
It would also mark the first-ever debt issuance from the world's largest oil firm, shedding a light on the firm's financial performance.
Aramco Chairman Khalid al-Falih has reportedly said the firm will release data on its financial health and oil and gas reserves as part of a bond prospectus.
Saudi Arabia is attempting to diversify its economy and reduce its reliance on oil revenues under a plan called Vision 2030 directed by Crown Prince Mohammed bin Salman.
Read the Wall Street Journal's full article here.
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