In an effort to strengthen its financial sheet in the face of declining oil prices, Saudi Aramco intends to sell Islamic bonds denominated in US dollars as early as this month, two people with direct knowledge of the situation told Reuters.
According to one of the persons, Aramco, the largest oil corporation in the world, might raise $3 billion to $4 billion for their sukuk. Since the subject is confidential, the individuals who talked did so under the condition of anonymity. Aramco’s offer would come after a spike in bond issuance this month due to high demand from investors and significant inflows into bond funds.
During its August results call, Saudi Aramco stated that it intended to keep borrowing and that its balance sheet gearing was among the lowest in the sector. According to sources cited by Reuters in April, Saudi authorities have informed friends and market participants that the kingdom can cope with the price decline by increasing borrowing and reducing expenses.
When Reuters asked the Saudi government’s communications office for comment on the issue at the time, they did not respond. The last time Aramco raised $5 billion from the global bond markets was in May 2025.
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