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Saudi Arabia to apply for $12 billion loan after Aramco IPO stalls - FT

Saudi Arabia to apply for $12 billion loan after Aramco IPO stalls - FT
FILE PHOTO: General view of Aramco tanks and oil pipe at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. REUTERS/Ahmed Jadallah   -   Copyright  Ahmed Jadallah(Reuters)
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(Reuters) – Saudi Arabia’s sovereign fund is set to borrow up to $12 billion (£9.4 billion) from international banks after IPO plans for state energy group Saudi Aramco were put on hold, the Financial Times reported, citing sources.

Reuters on Wednesday reported that Saudi Arabia had called off its plans for listing the oil giant as the country shifts its attention to a proposed stake in local petrochemicals maker Saudi Basic Industries Corp.

Almost 16 banks are expected to participate in the lending process, with the lead banks to be selected later Thursday, the report said.

(Reporting by Shanti S Nair in Bengaluru; Editing by Arun Koyyur)

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