Saudi Aramco is seeking to raise at least $3 billion in its first bond sale in three years, according to people familiar with the matter.

The world's largest oil exporter is selling 10-, 30- and 40-year bonds, and talks with fixed-income investors are expected to begin on Tuesday, a person familiar with the matter said.

Saudi Aramco has hired Citigroup, Goldman Sachs to invest in the company, people familiar with the matter said. , HSBC, JPMorgan Chase , Morgan Stanley and SNB Capital and other banks arranged the bond issuance.

The final size of the bond issuance may be increased depending on investor demand. A Saudi Aramco spokesman declined to comment.

A few weeks ago, the Saudi government sold $11.2 billion of Saudi Aramco shares. The proceeds from the bond issuance will be used to refinance existing debt and invest in projects.

.