Saudi Arabian Oil Co. (Saudi Aramco) plans to raise up to $3 billion in five- and 10-year US dollar-denominated sukuk, Reuters reported, citing sources.

The oil giant set the price guidance for the five-year and 10-year sukuk at 120 and 135 basis points (bps) above US Treasury bonds, respectively.

On Sept. 24, Saudi Aramco announced the issuance of international sukuk under the SA Global Sukuk Limited’s Trust Certificate Issuance Program, Argaam reported.

The net proceeds will be used in general corporate purposes.