Aramco Boss Plans to Keep Borrowing After $14 Billion Haul

Saudi Aramco is targeting more borrowing to finance growth and better leverage its balance sheet, Chief Executive Officer Amin Nasser said, as the world’s biggest oil exporter raised $5 billion in bonds this week.

The debt sale, along with $9 billion raised last year, is helping temper the impact of oil’s slide on the company’s finances. The Saudi state oil producer needs funds to plug a gap as declining free cash flow amid weaker crude prices fails to cover a massive dividend, even after the payout was reduced.