Aramco asks banks to extend by a year a $10 billion loan it raised last May, suggesting that rebounding crude prices are not pushing the oil giant to reduce debt. Aramco has requested a one year extension to a $10 billion loan it secured last May, Reuters reported on Sunday, citing two sources. The request for an extension is an indication that the recent rise in oil prices is not enough to pull the Saudi giant out of debt. While the bank may choose to reject Aramco's request, it is likely to agree in order to maintain a good relationship with the oil giant in anticipation of future business, according to a report by Loan Pricing Corporation. Aramco have not commented on the loan extensio
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