Saudi Arabian Oil Company (Saudi Aramco) is likely to refinance its $10bn revolving debt raised in 2015. The 2015 debt of the largest oil company in the world includes both onshore and offshore 5Y loans in addition to two annually renewable 1Y loans also divided between the dollar and Saudi Riyal. The two 5Y loans were extended by two years last year with the new maturities in 2022. The company had recently extended a 1Y $10bn loan it raised in May last year, by one year and is arranging a $10.5bn loan for investors of its pipeline business. The company’s debt-to-equity ratio more than doubled to 55% in 2020 and its gearing ratio (Term of the Day, explained below) has increased to 23% in 2020 vs -0.2% in 2019.