(MENAFN) State oil giant Saudi Aramco is considering a USD10 billion bank loan for general business purposes, Emirates 24\7 reported.
Aramco also has a USD4 billion existing loan due for payment later this year. The loan is said to have an association with acquiring a minority stake in German synthetic rubber firm Lanxess.
Aramco is competing with Russia's NKNK for a deal to fund an acquisition of a stake in Laxness, which was valued at USD4.7 billion in the market.
Aramco has been trying to invest in advanced chemicals to branch out from its dependency on oil and basic petrochemical businesses. We are "even more committed today to diversifying and investing in new sectors," Aramco's Chief Executive said.
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