Riyadh – Mubasher: The Saudi Arabian Oil Company (Saudi Aramco) plans to use cash and debt to pay the planned SAR 70.32 billion ($18.75 billion) cash dividends to its shareholders for the first quarter (Q1) of 2020, according to the company’s president and CEO Amin Nasser.

“We would like to use our free cash definitely most of time, but other debt instruments from banks or bonds are also available for us, as we have a strong balance sheet,” Nasser was quoted by Reuters as saying.

Speaking to reporters following the completion of acquiring a 70% stake in the Saudi Basic Industries Corporation (SABIC), the CEO said that the deal with the Saudi sovereign wealth fund, the Public Investment Fund (PIF), is a win-win, noting that the deal allows Aramco to execute its projects and deliver on its commitments.

In May, the CEO said that the coronavirus (COVID-19) crisis is unlike anything the world has experienced in recent history, emphasizing Aramco’s resilience to the rapidly changing business environment.

It is worth noting that in Q1-20, Saudi Aramco reported a net profit of SAR 62.48 billion ($16.6 billion), posting a 25% decline compared to the same quarter of last year.