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Saudi Aramco, Total to issue $1b Islamic bonds

17 Oct 2010

(MENAFN) Saudi Aramco and Franceï¿½s Total will launch $1 billion Islamic bond (Sukuk) in the fourth quarter to build 400,000 barrels per day crude refinery in Jubail, QNA reported.

The Jubail refinery, 62.5 percent owned by Saudi Aramco and 37.5 percent by Total is scheduled to begin operating in 2013 and is among the new plants planned by Saudi Arabia as it looks to boost domestic refining capacity.

Last year, it was estimated that the Jubail refinery could cost more than $12 billion and funding for the project may include an Islamic bond portion to meet demand from Saudi investors.

Global Islamic bonds are poised to extend gains after climbing to a record this week, buoyed by Asian economic growth and a pickup in Gulf issuance.

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