26/06/2010
Saudi refinery attracts 50 billion riyals funding from 27 local and international organizations
Saudi economy has recorded yesterday a rare case on the level of funding of major projects where more than 27 financing organizations around the world are trying to win financing the project of Jubail refinery which is owned by Saturb company; one of the Aramco companies and the French company "Total" with more than 50 billion riyals.
Saudi Aramco's "Total Refining and Petrochemical Company" (Saturb) has announced the funding agreement which provides credit facilities from first class worthing 8.5 billion dollars to set up a refinery in Jubail.
The agreement represents such an important step accomplished through the establishment of this refinery with a capacity of 400 thousand barrels per day in Jubail, in which scheduled to begin in 2013. Noting that the company is owned by 62.5 percent by Saudi Aramco, 37.5 percent by total co.
Furthermore; the financial analyst, Mohammed Al Omran has declared for
"Al-Eqtissadiyah" that this agreement is such an indication of the Saudi market appeal by foreign investment, it also confirms the gradual return by financial institutions to expand funding under the major projects being implemented by Saudi Arabia whether for government or private sector.
A number of international Foundations will participates in providing these loans to ''Saturb" also from Saudi Arabia the following banks will participates: Banque Saudi Fransi, Riyad Bank, Samba , Arab National Bank, SABB, National Commercial Bank, Al Rajhi Bank, Hollandi Bank, Islamic Development Bank, AlJazeerah Bank, Saudi Investment Bank. Both of ''Credit Agricole" and Banque Saudi Fransi will stand as financial advisors to Saturb.
This refinery will be one of the most advanced refineries in the world, and will refine the arab oil ,also will increase the production of diesel and plane fuel to the maximum, as well as the production of 700 thousand tons per year of paraxylene, and 140 thousand tons per year of petrol, and 200 thousand tons per year of propylene from polymer.
