(Bloomberg) — Gulf Arab energy companies took on marginally more total debt in 2019 compared with the previous year, but the increase was skewed by a surge in borrowing by Saudi Aramco and its refining joint venture.Excluding new Saudi loans and bonds of $15.6 billion, energy-company debt in the oil-rich region tumbled by two-thirds, according to data compiled by Bloomberg.Lending was particularly sluggish in the second half of 2019, when these companies borrowed just $5.5 billion — the lowest level in three years. Aramco’s majority-owned Satorp refinery venture alone accounted for $3.6 billion of all second-half debt.Energy companies in the …read more
Source:: Yahoo Finance
