Saudi Arabian Oil Co. has reached agreement with a group of global and regional banks to borrow $10 billion and is set to wrap up the deal within days, according to two people with knowledge of the matter.

The deal, one of the biggest in the Gulf region in recent years, is in the final documentation stage, the people said, asking not to be identified as the information is confidential. They declined to disclose the lenders.

The transaction will be split between a $6 billion five-year tranche and a $1 billion one-year tranche, priced at 12 basis points above Libor and 10 basis points above Libor respectively, the people said. A spokesman for Saudi Aramco declined to comment.

Saudi Aramco, the world’s biggest oil exporter, is the latest oil company in the Middle East to capitalize on low borrowing costs to raise funds for possible acquisitions amid a downturn in the industry.

Emirates National Oil Co., a refining and trading company, made an offer to buy Dragon Oil earlier this month. The company is also seeking $1.5 billion in financing, two people told Bloomberg this month. Kuwait Foreign Petroleum Exploration Co., known as Kufpec, may increase the size of a $1 billion loan to $2.5 billion, three people with knowledge of the matter said this month.

The loan includes two tranches of 7.5 billion riyals ($2 billion) for five years and 3.75 billion riyals for one year, to be priced at 11 basis points and 7 basis points above the Saudi Riyal Interbank Offered Rate respectively, the people said.

The Saudi Aramco loan may be the biggest in the Gulf region since 2011, according to data compiled byBloomberg. Saudi Electricity raised a 51 billion-riyal ($13.6 billion) loan in June of that year.

Proceeds may be used to fund acquisitions, as Aramco expands into refining and petrochemicals and seeks to boost ties with Asia.

Aramco bought a $2 billion stake in S-Oil Corp., South Korea’s third-largest oil refiner, last year and is also a potential bidder for a minority stake in the synthetic-rubber unit of German chemical company Lanxess, two people with knowledge of the matter said last month.

Oil halted its biggest three-day advance in five weeks before US government data that’s forecast to show a glut of crude is expanding in the world’s biggest consumer. Futures slid as much as 1.1% in New York after rising 8.1% over the past three sessions.