By Davide Barbuscia
DUBAI, May 6 (Reuters) - Saudi Aramco is about to
finalise a $10 billion loan with a group of roughly 10 banks,
three sources familiar with the matter said, as the oil giant
seeks cash amid record low oil prices.
Aramco is raising the loan to back its acquisition of a 70%
stake in Saudi Basic Industries Corp (SABIC) from Saudi Arabia's
Public Investment Fund, a deal worth almost $70 billion, sources
have previously told Reuters.
Another source has said that while the loan would most
likely back the SABIC acquisition, Aramco could also use the
cash for other purposes, including dividend payments.
A group of about 10 banks has agreed to provide the
financing, with HSBC and Japan's Sumitomo Mitsui
Banking Corporation (SMBC) providing the largest
commitments of nearly $1.5 billion each, the three sources said.
The loan has been agreed upon but has not yet been
finalised, said the sources. Aramco, HSBC and SMBC did not
immediately respond to a request for comment.
Aramco is the world's largest oil producer and its most
profitable, but the fundraising plans coincide with historic
turmoil in the global oil market.
The company has committed to complete the $69.1 billion
acquisition of a controlling stake in SABIC by the second
quarter of this year.
SABIC's chief executive said this week he expected no change
to the timeline of the deal.
(Reporting by Davide Barbuscia; Editing by Jan Harvey)