Saudi Arabian national oil company Aramco is nearing an agreement on a $10 billion revolving credit facility with a syndicate of international banks, according to people familiar with the matter. The facility is expected to be signed in the coming weeks and is set to be priced at 60 basis points over the Secured Overnight Financing Rate (SOFR).
The consortium of participating lenders includes Chinese lenders Bank of China Ltd. and Industrial & Commercial Bank of China Ltd. (ICBC), alongside international institutions such as Citigroup Inc., HSBC Holdings Plc, JPMorgan Chase & Co., and Mitsubishi UFJ Financial Group.
According to the report, the credit facility comes as regional conflicts create operational pressures on Middle East crude exports. Aramco previously signed a revolving credit facility in 2024 comprising a $7 billion tranche arranged by US, European, and Asian lenders, and a $3 billion murabaha facility provided by regional banks.
The financing follows a separate $3 billion loan completed earlier in the month by QatarEnergy, which was similarly supported largely by Chinese commercial lenders. Representatives for Citigroup, HSBC, JPMorgan, Mitsubishi UFJ, Standard Chartered, and Aramco declined to comment, while Bank of China and ICBC did not immediately respond to requests for comment.
Sources
- Rigzone · 2026-10-27
