LONDON/NEW YORK/DUBAI (Reuters) – For Saudi Aramco and its advisers, a debut international debt issue that could raise well over $10 billion presents a key challenge – how to forge an identity as a state-owned major while in the same league as the likes of Exxon Mobil and Shell.

FILE PHOTO: An Aramco employee walks near an oil tank at Saudi Aramco’s Ras Tanura oil refinery and oil terminal in Saudi Arabia, May 21, 2018. REUTERS/Ahmed Jadallah/File Photo

At stake is the likely multi-million dollar difference in interest payments over coming years between its standing as an independent international corporate and one tied closely to the host kingdom whose oil it ships to global markets.

Having said in January it was planning its first ever international