Saudi Aramco has received bids for more than three times the $10 billion it was expected to raise in a debut international bond issue, said Saudi Energy Minister Khalid al-Falih on Monday.
Speaking at an event in Riyadh, he said he believed demand for the issue was “north of” $30 billion.
The bonds, which range in maturity from three to 30 years, are expected to attract demand from both emerging markets and investment-grade buyers.
The bond issue, announced last week, follows Aramco’s agreement to buy a 70 percent stake in petrochemicals firm Saudi Basic Industries (SABIC) from Saudi Arabia’s Public Investment Fund (PIF) in a deal worth $69.1 billion.
Al-Falih said on Monday he hoped Aramco’s acquisition of SABIC would be completed within six months.
