Riyadh – Mubasher: Demand for the inaugural international bond of the Saudi Arabian Oil Co, better known as Saudi Aramco, attracted more than $30 billion (SAR 112.5 billion), the Saudi energy minister said on Monday.

Aramco’s first-ever bond issue will close on Wednesday, 10 April, Reuters reported, citing Khalid Al Falih as saying at a conference in Riyadh.  

Al Falih expected that Aramco’s deal to acquire a 70% stake in Saudi Basic Industries Corp. (SABIC) will be completed within six months.

The kingdom may not be required to further cut its oil production as the oil market is moving towards balance, Al Falih noted.