Oil giant Saudi Aramco 2222 is seeking to raise funds through a dollar-denominated three-part bond sale, fixed income news service IFR reported on Tuesday.

The debt deal, which is expected to be priced later in the day, will be benchmark-sized, which is usually considered to be at least $500 million.

Earlier this month, Aramco reported a 4.6% drop in first quarter profits, citing lower sales and higher operating costs as economic uncertainty hit crude markets.

Reuters reported last week that the oil giant is exploring potential asset sales to release funds as it pursues international expansion and weathers the impact of lower crude prices BRN1!.

Aramco on Tuesday set the indicative price for the five-year debt sale at 115 basis points over U.S Treasuries, while 10-year and 30-year portions carry initial price guidance of 130 and 185 bps respectively over the same benchmark, IFR said.

The company last turned to global debt markets in July last year when it raised $6 billion from a three-tranche bond sale.

Saudi Arabia, which is seeking funds to invest in new industries and wean its economy away from oil under its Vision 2030 plan, has long relied on Saudi Aramco to support economic growth.

Other Gulf issuers have tapped debt markets in recent months, braving a market turmoil caused by U.S. President Donald Trump’s tariff policies.

They include Saudi Arabia’s $925 billion sovereign wealth fund and Abu Dhabi’s renewable energy firm Masdar, which last week raised $1 billion with a green bond.

Source: Reuters