<p>Energy giant Saudi Aramco said Monday it had hired banks to sell dollar-denominated bonds, to boost finances as the coronavirus pandemic weighs heavily on global demand for crude oil.</p>.<p>This comes two weeks after the company, seen as Saudi Arabia's main cash cow, posted a 44.6 per cent slump in third-quarter profit compared to the same time last year.</p>.<p>Aramco said in a statement its multi-tranche offering will range between three and 50 years, subject to market conditions. It did not specify the total value, which is expected to be in the billions.</p>.<p>The company said it had hired the banks Citi, Goldman Sachs, HSBC, JP Morgan, Morgan Stanley and NCB Capital.</p>.<p>Aramco has said it is committed to a bumper dividend even as third quarter net profits dropped to 44.21 billion Saudi riyals ($11.79 billion) compared to $21.3 billion in the same period last year.</p>.<p>Aramco's net profit for the first nine months of this year also dropped, by 48.6 per cent to $35.02 billion, the company said.</p>.<p>Although the results underscore a downbeat market, Aramco's July-September results showed an improvement amid relatively steady crude prices compared to the second quarter, when it posted a profit of $6.57 billion.</p>.<p>The latest results stood in contrast to the losses reported by Aramco's rivals, which are also reeling from pandemic-driven economic shutdowns that have suppressed energy demand.</p>.<p>Saudi Arabia has been hit hard by the double blow of low oil prices and sharp cuts in production.</p>.<p>A drop in oil income is expected to hinder Crown Prince Mohammed bin Salman's ambitious "Vision 2030" reform programme to overhaul the kingdom's energy-reliant economy.</p>
<p>Energy giant Saudi Aramco said Monday it had hired banks to sell dollar-denominated bonds, to boost finances as the coronavirus pandemic weighs heavily on global demand for crude oil.</p>.<p>This comes two weeks after the company, seen as Saudi Arabia's main cash cow, posted a 44.6 per cent slump in third-quarter profit compared to the same time last year.</p>.<p>Aramco said in a statement its multi-tranche offering will range between three and 50 years, subject to market conditions. It did not specify the total value, which is expected to be in the billions.</p>.<p>The company said it had hired the banks Citi, Goldman Sachs, HSBC, JP Morgan, Morgan Stanley and NCB Capital.</p>.<p>Aramco has said it is committed to a bumper dividend even as third quarter net profits dropped to 44.21 billion Saudi riyals ($11.79 billion) compared to $21.3 billion in the same period last year.</p>.<p>Aramco's net profit for the first nine months of this year also dropped, by 48.6 per cent to $35.02 billion, the company said.</p>.<p>Although the results underscore a downbeat market, Aramco's July-September results showed an improvement amid relatively steady crude prices compared to the second quarter, when it posted a profit of $6.57 billion.</p>.<p>The latest results stood in contrast to the losses reported by Aramco's rivals, which are also reeling from pandemic-driven economic shutdowns that have suppressed energy demand.</p>.<p>Saudi Arabia has been hit hard by the double blow of low oil prices and sharp cuts in production.</p>.<p>A drop in oil income is expected to hinder Crown Prince Mohammed bin Salman's ambitious "Vision 2030" reform programme to overhaul the kingdom's energy-reliant economy.</p>