Saudi Aramco Total Refining and Petrochemical Company (SATORP) has secured a US$533.33 million (SAR2 billion) loan from the state affiliated Saudi Industrial Development Fund, according to local news reports. The company expects to draw the 7.5 year loan in a single disbursement on or around 28 August.
SATORP is a joint venture between Saudi Aramco and Total. In May 2006, Saudi Arabian Oil Company and Total S.A. signed a Memorandum of Understanding (MoU) to develop the Jubail Refinery and Petrochemical Project in Saudi Arabia. The project involves the development of a 400 000 bpd facility, and will be the first plant constructed in Jubail Industrial City 2, located on the Kingdom’s east coast. On 22 June 2008, shareholders signed an agreement to form SATORP, with a share of 62.5% for Saudi Aramco and 37.5% for Total, which was officially established on 21 September 2008.
Edited from various sources by Rosalie Starling
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