Saudi Aramco close to securing $10b loan from global banks: report

Indicates major international banks remain interested in providing financial facilities to Aramco despite tensions

Saudi Arabia’s state-owned oil company Saudi Aramco is close to securing a $10 billion loan from a large group of international banks, according to a special report published by Bloomberg on Monday.

The company was preparing to obtain the financing to strengthen its financial resources amid ongoing military tensions in the Middle East, risks to oil exports and an uncertain economic outlook.

The report said Saudi Aramco could sign an agreement with global banks for a new loan of around $10b in the coming weeks, adding that talks with US, British, Chinese and Japanese banks had reached their final stages.

Sources familiar with the development, speaking on condition of anonymity, said the company was seeking a credit facility that would let it draw funds up to a specified limit as needed. The facility would be revolving credit, meaning Aramco would not have to take the entire amount at once.

Read: Aramco halts October crude deliveries to some European refiners after pipeline attack: report

Saudi Arabian state-backed oil company Aramco is nearing agreement with international banks on a $10 billion loan that would bolster its finances as conflicts in the Middle East threaten crude exports https://t.co/J8WYQJisYx

— Bloomberg (@business) October 26, 2026

It could use the funds when needed and, after repayment, draw them again under the agreed terms.

Major banks from US, UK, China and Japan to provide loan

According to Bloomberg, several major global banks were expected to participate in the proposed loan for Saudi Aramco. They include JPMorgan Chase and Citigroup of the United States, HSBC of the United Kingdom, Bank of China and Industrial and Commercial Bank of China, and Japan’s Mitsubishi UFJ Financial Group.

The participation of financial institutions from several countries indicates that major international banks remain interested in providing financial facilities to Saudi Aramco despite ongoing military tensions in the region. Sources said the proposed interest rate could be 60 basis points above SOFR, the benchmark rate used for US dollar financing.

In financial terms, 60 basis points equal 0.60%. Thus, the applicable interest rate would be 0.60% above the relevant benchmark, although the final cost would depend on the agreement’s terms and any other potential fees.

Bloomberg reported that Saudi Aramco and some of the major banks involved declined to comment, while an immediate response could not be obtained from the Chinese banks. Therefore, the loan amount and terms are being viewed as details of ongoing negotiations rather than a finalised agreement.

أرامكو تقترب من توقيع اتفاقية قرض بـ10 مليارات دولار مع بنوك عالمية بحسب بلومبرغ #العربيةـBusiness

— العربية Business (@AlArabiya_Bn) October 26, 2026

Important decision amid Iran war and risks to oil exports

Saudi Aramco’s plan comes as ongoing military tensions in the Middle East have affected global energy markets and oil shipments from Gulf countries. The war with Iran has pushed up crude oil prices in global markets, increasing the possibility of higher revenue for Saudi Aramco.

At the same time, military attacks, disruptions to maritime routes and threats to oil facilities have created new challenges for the company. In recent weeks, Yemen’s Houthi group has claimed attacks on Saudi oil facilities, refineries and key facilities in Yanbu on the Red Sea coast.

Read More: Houthis hit Aramco HQ, vow more attacks

These actions, along with disruption to commercial shipping in the Strait of Hormuz, have increased uncertainty surrounding oil exports and transportation costs. In these circumstances, securing a $10b credit facility from banks could provide Aramco with additional financial flexibility, allowing it to access capital quickly when needed and continue its business activities.

Saudi Aramco previously arranged a $10b revolving credit facility in 2024, according to Bloomberg. Of this, $7b was provided through international banks, while an additional $3b was obtained from regional banks under Islamic murabaha financing.

Murabaha is a method used in Islamic finance in which capital is provided under specific commercial and financial terms instead of a conventional interest-bearing loan. The new agreement would give Aramco another important facility to meet its financial needs.

However, it is unclear whether the company will replace or renew the existing facility under the new arrangement, or use it as additional financial capacity. It is also important not to equate the $10b credit facility immediately with an equal increase in the company’s debt, as a revolving facility allows the company to use funds according to its needs, while undrawn funds do not necessarily become payable debt.

Gulf energy companies increasing reliance on global debt markets

Amid the ongoing war and trade disruptions in the Middle East, major Gulf energy and power companies have also increasingly sought financial resources from banks. Bloomberg reported that QatarEnergy, Qatar’s state-owned energy company, obtained a $3b loan this month with significant participation from Chinese banks.

Saudi Electricity Company arranged Islamic murabaha financing worth 15.8b riyals, or approximately $4.1b, in July. Seven Gulf banks participated in that agreement.

These financial arrangements indicate that major companies in the region are trying to diversify their sources of funding amid uncertain global conditions, reducing reliance on any single market or financing method.

Saudi Aramco is considered one of the world’s largest oil-producing companies and plays a fundamental role in Saudi government revenues and the national economy. Changes in the company’s financial position, oil production and exports are important not only for Saudi Arabia but also for global energy markets.

According to Bloomberg, the proposed $10b loan could be signed in the coming weeks. However, the company or the relevant banks have not yet formally announced a finalised agreement.