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FINANCIAL NEWS
Saudi Aramco, Total to launch $1b Islamic bond
12 Oct 2010
(MENAFN) The global head of Islamic banking at Credit Agricole, Simon Eedle, said that the state-owned Saudi Aramco and France’s Total are going to launch a $1 billion Islamic bond, or sukuk, for their joint venture in the Kingdom during the fourth quarter of 2010, Reuters reported.
The sukuk is related to the financing of a venture between the oil majors to build 400,000 barrels per day crude refinery in Jubail, on the Gulf coast.
The Jubail refinery, 62.5 percent owned by Saudi Aramco and 37.5 percent by Total, is planned to start working in 2013, and is among the new plants planned by Saudi Arabia, the world’s top oil exporter, as it looks to boost domestic refining capacity.
In June, Saudi Aramco and Total said they had completed an $8.5 billion financing for the refinery from multiple sources.
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05 Feb 2026
BBK announces December Al Hayrat Grand Prize winners and another wave of Grand prizes for February
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