Aramco Plans U.S. Dollar Bond to Plug Funding Gap

SourceThe Wall Street Journal
SectorFinancial Markets
CountrySaudi Arabia

DUBAI—Saudi Aramco said Monday it aims to issue a U.S. dollar-denominated bond, as the cash-strapped oil giant cuts jobs, considers asset sales and reviews its expansion plans. Saudi Arabian Oil Co., as the company is officially called, is selling debt even as low oil prices hurt its ability to generate cash for its biggest shareholder, the Saudi government. It is seeking to meet a pledge made last year to pay $75 billion in annual dividends. Aramco in a statement said it hired Goldman Sachs Group Inc., Citigroup Inc., JPMorgan Chase & Co. and Morgan Stanley, among others, to arrange investor calls on Monday ...read more...