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saudi arabia's state oil giant aramco has started selling its second round of international bonds just two months after raising $6 billion, the latest deal in the kingdom's debt spree this year.

aramco has authorized banks to issue the latest dollar-denominated sukuk, a bond that complies with islamic rules, according to a statement from the saudi stock exchange.

saudi arabia’s government and state-owned companies have been borrowing heavily as the kingdom looks to finance projects under crown prince mohammed bin salman’s ambitious economic diversification plans. aramco plays a key role in those plans as the kingdom relies heavily on dividends from the company to help cover an expected budget deficit.

aramco’s july dollar debt sale, its first in three years, attracted strong demand, with orders totaling more than $23 billion. the oil producer also sold 40-year bonds that month and is likely to use the funds to refinance existing borrowings and contribute to its investment plans.

aramco's profits have been hit by a drop in crude production and prices this year. brent crude has fallen about 3% so far this year, trading near $75 a barrel, on concerns that weak chinese demand won't be enough to absorb new production. opec+, led by saudi arabia and russia, has been limiting its own output to support the market.

aramco will pay $124 billion in dividends this year, including special dividends. total distributions in the past few quarters have exceeded the company's free cash flow, suggesting that aramco needs to sell more debt to maintain the dividend at current levels.

aramco has appointed raj bank, citigroup, jpmorgan chase and standard chartered as bookrunners for the sale, the statement said.