Riyadh – Mubasher: Saudi Arabian Oil Co, better known as Saudi Aramco, has offered its first-ever international bond at the perfect time as oil prices are at their highest levels since November 2018 and the region’s interest rates at their lowest from more than a year, according to MENA Advisors.

The Saudi oil giant, the world’s most profitable company, has attracted orders worth more than $85 billion for its planned international bond, sources told Bloomberg. 

Aramco, which produces around 10% of the world's crude oil, is expected to raise between $10 billion and $15 billion.

The state-owned oil producer earlier noted that the bond proceeds would finance its acquisition of a 70% stake in Saudi Basic Industries Corp. (SABIC) from the kingdom’s Public Investment Fund (PIF) in a $69.1 billion deal.

As Aramco enjoys a close relationship with the Saudi government, the sustainability of the oil giant’s debut bond issue is strongly linked to the kingdom's credit strength, MENA Advisors said.