Saudi Arabia’s state-owned oil company Saudi Aramco is reportedly in talks with banks about a potential $10bn loan.

According to Bloomberg, the loan will be structured as a revolving credit facility and will be used for general business purposes.

It will replace an existing $4bn revolving facility the company has in place but has not drawn down on.

The deal is expected to close within the first quarter of this year.

Aramco is the world’s largest oil exporter and, in light of the decline in oil prices, has recently been reassessing where and how it will spend its money.