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FINANCIAL NEWS
Aramco-Total refinery secures $120m loan
28 Mar 2010
(MENAFN) Oil giant Saudi Aramco said that it has secured a $120 million loan from Saudi commercial banks, to build a $12.8 billion refinery in Jubail with France Total, Reuters reported.
The loan is part of an Islamic facility and it would include a sukuk issue, which could be over $500 million, said a project director of the joint venture Saudi Aramco Total Refining and Petrochemical Company (Satorp).
The 400,000 barrels per day (bdp) crude refinery is expected to start production by mid-2013.
Aramco currently holds 62.5 percent of the plant, while Total holds the remaining stake. However, an initial public offering (IPO), which is scheduled to take place in two to three years, will make Aramco hold an equal stake as Total.
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