Riyadh – Mubasher: Saudi Arabian Oil Company (Saudi Aramco) has reportedly secured a 12-month extension to a $10 billion credit facility it raised in 2020.

Extending the loan came in line with negotiations to improve terms, according to Reuters.

Aramco reportedly opted for seeking better terms to reflect improved market conditions instead of extending the agreement at a higher interest rate as agreed as part of that financing facility. The extended facility would pay as much as 30% to 40% less than it would have paid under the original deal.

Earlier this week, Aramco closed a $12.4 billion worth share sale and purchase agreement with an international investor consortium including UAE-based Mubadala and EIG.

It earlier raised $6 billion through USD-denominated international trust certificates issue.