Saudi Arabia, seeking to expand petrochemicals production and diversify the economy, will tap debt markets to benefit from falling Middle East debt yields, officials from the kingdom’s main oil and chemicals makers said.
State-owned Saudi Arabian Oil Co., known as Saudi Aramco, plans to borrow to support its expansion in chemicals, Chief Executive Khalid Al-Falih said Oct. 8. The company is planning about $26 billion in refineries and petrochemical facilities that may sell debt next year. Saudi Basic Industries Corp., the world’s second-biggest petrochemicals producer, may also sell bonds next year to refinance existing borrowings, its CEO said………………………………………..Full Article: Source