Saudi Aramco, the Saudi oil giant, intends to issue bonds worth at least $3 billion for the first time in three years.

This step comes amid improving financial market conditions and the company’s aspiration to enhance its financial effectiveness.

Aramco aims to raise at least $3 billion through the sale of bonds. The offers include bonds with maturities of 10, 30, and 40 years, and the funds will be used to refinance existing loans and invest in new projects.

Six banks were appointed to manage the sale process: HSBC, National Bank, Goldman Sachs, JP Morgan, Citi, and Morgan Stanley.

Aramco seeks to diversify its financing sources to reduce its reliance on loans. The bond offering reflects Aramco’s confidence in its financial strength and current market conditions. The offering may attract new investors to Aramco, which will strengthen its shareholder base.