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UK to grant $2 billon loan to Saudi Aramco

by ChemOrbis Editorial Team -
  • 10/11/2017 (15:22)
According to media reports, the UK government is set to sign off a loan guarantee for Saudi Aramco.

Accordingly, the UK treasury has agreed to provide a loan of $2 billion to Saudi Aramco through its UK Export Finance (UKEF) group, which provides funding to foreign investor to increase British exports.

However, the credit announcement was met with raised eyebrows as this news followed the US President Trump’s statement urging the company to list in the New York Stock Exchange or Nasdaq in the previous days, while Japanese and Chinese officials are also pushing for their own exchanges for consideration.

Upon these concerns, the UK Treasury explained that loan guarantee is separate to any potential LSE listing and simply aims to help boost British firms export to oil-rich kingdom.
Saudi Aramco’s initial public offering, meanwhile, remains on track for 2018.
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