(Bloomberg) -- Saudi Arabia’s state-run oil behemoth started the sale of a second round of international bonds just two months after it raised $6 billion, the latest deal in the kingdom’s debt spree this year.

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Saudi Aramco has mandated banks for the latest dollar-denominated bonds, and said it is yet to be determined how much it will raise, according to a statement on the Saudi stock exchange. The company plans to sell five- and 10-year sukuk, as securities compliant with Islamic rules are known, according to a person familiar with the matter who asked not to be identified.

The government and state-linked companies’ heavy borrowing comes as Crown Prince Mohammed Bin Salman pushes the country on an ambitious economic diversification. That effort is being complicated by oil’s decline, which at $75 a barrel in London is below the nearly $100 the kingdom needs to balance its spending. Weaker crude has also hit Aramco’s profit, even as the company has maintained its massive dividend payout that’s crucial for the government in helping narrow a budget deficit.

It maintained its $31 billion quarterly dividend to the Saudi government and other investors in the second quarter despite lower profit, and has said it will distribute $124 billion this year. Free cash flow — funds from operations minus capital expenditure — of about $19 billion in the quarter was less than the payout. To maintain the dividend at current levels, the company would likely need to take on more debt.

Aramco’s dollar-debt sale in July, its first in three years, drew strong demand with final order books topping $23 billion. The oil producer also sold 40-year bonds that month. In June, the Saudi government offloaded a stake in the company that eventually brought in $12.35 billion.

Among other state borrowers, the Public Investment Fund, Saudi Arabia’s sovereign investor, tapped bond markets to raise $2 billion earlier this month, taking its year-to-date issuance to about $10 billion. The PIF, chaired by the crown prince, is a top recipient of Aramco dividends and a key part of his plans to reshape the Saudi economy.

Neighboring petrostate the United Arab Emirates also tapped debt markets as its largest producer Abu Dhabi National Oil Co. this month sold $4 billion in five-, 10- and 30-year debt. The UAE, a partner in the Organization of Petroleum Exporting Countries, is investing billions of dollars to raise production capacity even as it chafes against the group’s production constraints.

Aramco appointed Al Rajhi Bank, Citigroup Inc., JPMorgan Chase & Co. and Standard Chartered Plc, among others, as active joint bookrunners for the sale, according to the statement.

(Updates with maturities in second paragraph.)

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