(MENAFN) Saudi Aramco is currently holding talks with banks to raise around USD5 billion loan to finance a refinery it built in collaboration with China's Sinopec, sources said.
The aimed fund from banks will be used to replace some of the capital Aramco invested to build the 400,000 barrel per day (bpd) refinery at Yanbu, which can be installed in other projects.
According to the invitation sent to a group of local and international lenders, the Saudi giant wants to borrow the USD5 billion for ten years, according to one of the sources.
The source added that Aramco has asked for the loan pricing, inclusive of margin and fees, to be "double digits in all," a level which is described as extremely aggressive.
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