Last Updated on October 28, 2026 by YeJahan
YEJAHAN DESK
RIYADH (Oct 28): Saudi Aramco is close to securing a $10 billion revolving credit facility backed by a syndicate of international banks, according to people familiar with the matter, highlighting the kingdom’s deepening financial ties with Beijing amid escalating geopolitical risks in the Middle East.
The multi-billion-dollar facility is expected to be finalized in the coming weeks. Sources say the debt will be priced at a margin of 60 basis points over the Secured Overnight Financing Rate (SOFR).
The deal features strong participation from Chinese state lenders, including Bank of China Ltd. and Industrial & Commercial Bank of China Ltd. (ICBC). They are joining a high-profile consortium of Western and Asian institutions that includes Citigroup Inc., HSBC Holdings Plc, JPMorgan Chase & Co., and Mitsubishi UFJ Financial Group.
The fundraising comes at a critical juncture for the world’s largest oil exporter. Regional conflicts continue to threaten vital shipping lanes, adding operational and logistical pressures to Middle Eastern crude exports.
Financially, Aramco has frequently tapped international debt markets to maintain liquidity and fund its massive infrastructure and dividend commitments. In 2024, the state oil giant secured a similar revolving credit facility split into two tranches: a $7 billion conventional facility arranged by a mix of US, European, and Asian banks, and a $3 billion Islamic murabaha facility backed by regional Gulf lenders.
The heavy involvement of Chinese commercial banks in this latest facility reflects a broader trend of Gulf energy giants leaning into Asian capital markets.
Saudi Arabia’s largest oil company, Aramco, is seeking $10 billion loan from international banks. https://t.co/dituW9iMHa
— Globe Eye News (@GlobeEyeNews) October 28, 2026
Earlier this month, state-owned QatarEnergy finalized a separate $3 billion loan that was also heavily anchored by Chinese financial institutions. Driven by Beijing’s appetite for long-term energy security, Chinese banks have aggressively expanded their balance sheets in the Gulf, often outbidding Western peers on pricing and scale.
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Representatives for Aramco, Citigroup, HSBC, JPMorgan, Mitsubishi UFJ, and Standard Chartered declined to comment on the transaction. Bank of China and ICBC did not immediately respond to requests for comment.
Copyright YeJahan News Network, 2026
