SYDNEY - Saudi Aramco is planning to raise up to $3 billion in five and 10-year U.S. dollar-denominated sukuk, or Islamic bonds, according to two sources with direct knowledge of the matter and a term sheet reviewed by Reuters on Tuesday.

The sources could not be named as the information on the deal size had not yet been made public. Aramco, mostly owned by the Saudi Arabian government, did not immediately respond to a request for comment.

Banks will hold investor calls starting on Tuesday, according to the term sheet.

Aramco, the world's top oil exporter, has long been a cash cow for Saudi Arabia, which is seeking funds to invest in new industries and wean its economy away from oil under its Vision 2030 plan.

In July, Aramco raised $6 billion from its first bond issuance in three years.

Aramco expects to pay out $124.3 billion in dividends for 2024, most of which goes to the government, which directly owns nearly 81.5% of the company. Its sovereign wealth fund, the Public Investment Fund, owns another 16%.

Saudi Arabia has been pumping around 9 million barrels per day of oil, about 25% below its capacity.

Al Rajhi Capital, Citigroup, Dubai Islamic Bank, First Abu Dhabi Bank, Goldman Sachs International, HSBC, JP Morgan, KFH Capital and Standard Chartered are active bookrunners.

Abu Dhabi Commercial Bank, Albilad Capital, Alinma Investment, BOC International, Emirates NBD Capital, Mizuho, MUFG, Natixis, Sharjah Islamic Bank and SMBC Nikko are passive bookrunners.

(Reporting by Scott Murdoch; additional reporting by Yousef Saba in Dubai; editing by Jacqueline Wong and Christian Schmollinger)