Saudi Arabian Oil Co. (Saudi Aramco), the world’s largest crude exporter, has appointed US investment bank Citi to lead a $2 billion loan backed by the UK, Reuters reported, citing sources familiar with the deal.
The loan financing, announced in November, is guaranteed by UK Export Finance (UKEF), the British export credit agency. It will help Saudi Aramco buy British goods and services more easily.
“UKEF is engaged in finalizing the operational arrangements regarding a significant finance facility with Saudi Aramco. UKEF’s support will take the form of a $2 billion guarantee on bank lending,” a UK government spokesperson told Reuters.
The spokesperson added that Aramco would select the banks involved in the transaction.
Citi is among several major lenders vying for a much-coveted role in Aramco’s initial public offering (IPO), expected to raise $100 billion in 2018.
Earlier this year, the oil giant appointed JPMorgan Chase & Co, Morgan Stanley and HSBC to advise on the listing, alongside independent advisors Moelis and Evercore.
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