(Bloomberg) -- Abu Dhabi’s state energy company plans to raise about $3 billion to $5 billion from a debut bond sale this year, according to people familiar with the matter.

Abu Dhabi National Oil Co. executives told debt investors during a call on Tuesday that they’re considering setting up a multi-year bond program of around $15 billion, said three of the people. The first deal, which will be issued from a new entity called Adnoc Murban, will be used to help refinance the company’s existing loans, they said.

Adnoc has about $20 billion of debt, including roughly $5 billion maturing this year, according to data compiled by Bloomberg. The company declined to comment to Bloomberg on its issuance plans.

Abu Dhabi is the capital of the United Arab Emirates, the third-largest producer in the Organization of Petroleum Exporting Countries. The country is trying to use money from energy exports to build new industries such as robotics and artificial intelligence.

JPMorgan Chase & Co. and Morgan Stanley managed Tuesday’s call. Adnoc Murban was this week given the third-highest rating of AA or its equivalent by Moody’s Investors Service, S&P Global Ratings and Fitch Ratings.

Adnoc Murban will have an annual cash flow of more than $21 billion based on an oil price between $50 and $70 a barrel, Moody’s said. Crude has surged around 14% this year to more than $85 a barrel.

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