Saudi Aramco has published a new prospectus for its issuance programme of Islamic bonds or sukuk, signalling the state oil major may soon tap the debt markets again after it raised $5 billion from a three-part bond sale this week.

The prospectus, submitted to the London Stock Exchange where the sukuk would be listed, is dated May 30. Aramco has a year to issue sukuk under its terms.

Aramco earlier this week raised $5 billion from a sale of conventional bonds. The borrowing comes after economic uncertainty and rising supply hit crude markets, denting the top oil exporter's profits.

"Aramco is likely looking to take advantage of a window of relative market calm to issue debt again," said Zeina Rizk, co-head of fixed income at Amwal Capital Partners.

Aramco in March said it expected to slash its dividend this year by nearly a third as profits and free cash flow decline.

Reuters reported last week that Aramco is exploring potential asset sales to free up funds as it pursues international expansion and weathers lower crude prices.

The Saudi government is heavily reliant on generous payouts from Aramco, its longtime cash cow, also including royalties and taxes. Oil receipts made up 62% of state revenue last year.

The government does not disclose at which crude price its books are balanced. The IMF estimates it needs oil at over $90 a barrel for a balanced budget. Brent crude was trading around $64.4 on Friday.

Citi, HSBC and JPMorgan are the arrangers of the sukuk programme and are joined as dealers by First Abu Dhabi Bank, Goldman Sachs, Morgan Stanley, SNB Capital and Standard Chartered.

(Reporting by Yousef Saba in Dubai, Prerna Bedi and Mohd Edrees in Benglauru; Editing by Emelia Sithole-Matarise and David Holmes)