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Total, Saudi Aramco find cash for Jubail
COURBEVOIE, France, (UPI) -- Saudi Aramco and French petroleum company Total announced they secured $8.5 billion in financing for the Jubail refinery in Saudi Arabia.
Total, in a statement, said the refinery will be one of the most advanced in the world, processing heavy Arabian crude products to meet demands for environmentally friendly fuel supplies.
The French company said it secured the $8.5 billion from multiple sources, including more than $4 billion from commercial financial institutions.
"The availability of the financing marks another important step in the progress of this 400,000 barrels per day world-class, full conversion refinery in Jubail, Saudi Arabia, which is scheduled to be operational in 2013," the company said in a statement.
Saudi Aramco would take full ownership of the Jubail plant following an initial public offering scheduled within three years
COURBEVOIE, France, (UPI) -- Saudi Aramco and French petroleum company Total announced they secured $8.5 billion in financing for the Jubail refinery in Saudi Arabia.
Total, in a statement, said the refinery will be one of the most advanced in the world, processing heavy Arabian crude products to meet demands for environmentally friendly fuel supplies.
The French company said it secured the $8.5 billion from multiple sources, including more than $4 billion from commercial financial institutions.
"The availability of the financing marks another important step in the progress of this 400,000 barrels per day world-class, full conversion refinery in Jubail, Saudi Arabia, which is scheduled to be operational in 2013," the company said in a statement.
Saudi Aramco would take full ownership of the Jubail plant following an initial public offering scheduled within three years