Saudi Aramco, Total secure $1.3b loan from PIF

25 Oct 2010

(MENAFN) Saudi Aramco and France’s Total have signed a $1.3 billion loan agreement with Saudi Public Investment Fund (PIF) in the latest stage of financing for their joint oil refinery, SPA reported.

The 400,000 barrels per day (bpd) plant being built in Jubail is part of a drive by the world’s top oil exporter to almost double its refining capacity from 2.1 million bpd.

The joint-venture firm, Saudi Aramco Total Refining and Petrochemical Company (Satorp), said in June it had raised $8.5 billion towards the $12.8 billion project.

Financing came from multiple sources including $4.01 billion from the PIF and Export Credit Agencies, and $4.49 billion from commercial financial institutions, Satorp said.

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