Saudi Arabian Oil Co. plans to raise about $2 billion in its debut bond sale, the first step of a plan by the energy giant to tap markets for $10 billion, according to people familiar with the matter.

Saudi Aramco, as the company is known, will sell riyal-denominated Islamic bonds, or sukuk, as early as the second quarter, the people said, asking not to be identified as the discussions are private. The sukuk may be privately placed with investors, they said.

Saudi Aramco is preparing to sell bonds ahead of an IPO in 2018 and will add to a string of sales in the Middle East and North Africa where countries raised almost $80 billion in bonds last year, the most since Bloomberg started compiling data in 1999.

The Saudi Arabian government's debut offering in October raised $17.5 billion in the biggest-ever emerging-market sale.

A spokesperson for Saudi Aramco didn't immediately respond to requests seeking comment.

The company hired HSBC Holdings's local unit and Riyad Capital to help with the sale, people said last month. NCB Capital Co. and Alinma Investment Co. are also working on the deal that could be followed by dollar-denominated bonds, they said.

Saudi Arabia is also planning a sale of Islamic bonds in riyals to local institutions this year to help boost the country's sukuk market, people said earlier this month. The kingdom is working on the benchmark-sized issue alongside a plan to sell dollar Islamic bonds in the international market, they said.