The Saudi oil giant has pledged to pay $ 75 billion in dividends per year. Faced with a drop in his income with the fall in oil prices, he does not have the necessary cash. He is therefore preparing a large-scale bond issue.
Saudi Aramco is preparing to return to the bond market. The Saudi oil giant has mandated its banks. He should speak by phone with investors on Monday, to present them with the operation, for a planned amount of $ 6 billion. And the discussions are likely to be lively.
Unlike its arrival with fanfare on the debt market in April 2019, when demand exceeded $ 100 billion for 12 billion offered, Aramco today finds itself in an uncomfortable situation. Struck by the fall in oil prices in the context of the global pandemic, the world’s largest oil group has seen its revenues plunge. Its profit for the third quarter fell 45% to $ 11.8 billion.