Saudi Basic Industries Corporation (SABIC) has appointed banks to arrange the issuance of US dollar-denominated bonds.
According to Reuters, two sources familiar with the matter said that SABIC had commissioned banks including Citi, HSBC and BNP Paribas to arrange the operation, and one of them added that The volume of the operation will probably exceed one billion dollars.
SABIC, which this month reported its third consecutive quarterly loss, has yet to respond to a request for comment. BNP Paribas, Citi and HSBC declined to comment.
The Kingdom of Saudi Arabia, the largest oil exporter in the world, is facing a severe economic downturn this year in light of the significant impact of restrictions on movement in the face of the Covid-19 pandemic on demand Oil and its prices.
and SABIC recorded a net loss of 2.2 billion riyals ($ 586.62 million) in the second quarter of the year, and said that low oil prices this month and weak global growth indicate that The second half will likely be the same as the first.
However, Youssef Al-Bunyan, CEO of the company, said that its activities began to witness a slight improvement in July and August.
SABIC had issued $ 2 billion of bonds in 2018, Reuters reported at the time, in a BN order. B Paribas, Citi, HSBC, MUFG and Standard Chartered.
Saudi oil producer Aramco completed the purchase of a 70 percent stake in SABIC for $ 69.1 billion in June.
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