Saudi Aramco reportedly plans to issue $10 billion bond, opening books for the first time

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A Saudi Aramco logo sits on display during the Abu Dhabi International Petroleum Exhibition & Conference in Abu Dhabi, United Arab Emirates, on Nov. 13, 2018.

Saudi Arabia’s state-controlled energy giant Aramco plans to issue a $10 billion bond as early as next week, the Wall Street Journal reported Thursday, citing unnamed sources familiar with the matter.

The move is designed to help raise funds for a down payment on the oil giant’s $69.1 billion purchase of a majority stake in petrochemicals firm Sabic Basic Industries, the Wall Street Journal reported.

It would also mark the first-ever debt issuance from the world’s largest oil firm, shedding a light on the firm’s financial performance.

Aramco Chairman Khalid al-Falih has reportedly said the firm will release data on its financial health and oil and gas reserves as part of a bond prospectus.

Aramco was not immediately available for comment when contacted by CNBC Thursday morning.

Saudi Arabia is attempting to diversify its economy and reduce its reliance on oil revenues under a plan called Vision 2030 directed by Crown Prince Mohammed bin Salman.

Read the Wall Street Journal’s full article here.