Saudi Aramco mandates banks for inaugural dollar sukuk

DUBAI: Saudi Aramco has hired a group of banks to arrange the inaugural issuance of a benchmark US dollar denominated sukuk, a document showed on Monday.

The group of banks will arrange a series of fixed income investor calls starting on Monday, a document from one of the banks showed.

Aramco plans to issue the sukuk in 3-, 5- and 10-year tranches, subject to market conditions, the document showed.

About Saudi Aramco

Primarily state-owned, Saudi Aramco, officially known as Saudi Arabian Oil Company, is the world’s biggest oil producer. It is officially based in Dhahran.

As of 2020,  one of the largest companies in the world by revenue. Saudi Aramco has both the world’s second-largest proven crude oil reserves, at more than 270 billion barrels (43 billion cubic metres) and largest daily oil production of all oil producing companies.

Saudi Aramco operates the world’s largest single hydrocarbon network, the Master Gas System. In 2013 crude oil production total was 3.4 billion barrels (540 million cubic metres), and it manages over one hundred oil and gas fields in Saudi Arabia, including 288.4 trillion standard cubic feet (scf) of natural gas reserves. Saudi Aramco operates the Ghawar Field, the world’s largest onshore oil field, and the Safaniya Field, the world’s largest offshore oil field