Saudi Arabia's state-controlled energy giant Aramco plans to tap bond markets for the first time as early as next week, sources within the company told CNBC on Thursday.
While the exact dollar figure has not been confirmed, initial media reports put the Aramco bond issuance amount at $10 billion, which sources have told CNBC is "reasonable as a minimum."
The move is designed to help raise funds for a down payment on the oil giant's $69.1 billion purchase of a majority stake in Saudi petrochemicals firm Sabic.
It would also mark the first-ever debt issuance from the world's largest oil firm, enabling greater visibility into its financial performance.
While the corporate issuance has been in the works for some time, the news comes sooner than expected — Saudi Energy Minister Khalid al Falih said in January that Aramco would likely issue bonds in the second quarter of 2019.
Al-Falih, who also serves as Aramco's chairman, has said the company will release data on its financial health and oil and gas reserves as part of a bond prospectus. The oil giant delayed a highly-anticipated initial public offering originally scheduled for 2018 reportedly over Saudi concerns about public scrutiny over its finances and because of the complexity of its corporate structure.
Aramco declined to comment when contacted by CNBC Thursday morning.
Saudi Arabia is attempting to diversify its economy and reduce its reliance on oil revenues under a plan called Vision 2030 directed by Crown Prince Mohammed bin Salman.