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Report: Saudi Aramco to issue bonds of around $10B in Q2

Bonds issued by state owned oil giant Saudi Arabian Oil Co., or Saudi Aramco, could range around $10 billion, Reuters reported Jan. 13, citing comments made by Saudi Arabia's energy minister Khalid Al-Falih.

Al-Falih said the bonds will likely be denominated in U.S. dollars and will be issued in the second quarter.

The bonds would be used to help fund Saudi Aramco's $70 billion acquisition of Saudi Basic Industries Corp. while also bringing to light the oil giant's accounting practices for the first time since it was nationalized in the 1980s.