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Saudi Aramco, Total seek $8bn loan for refinery
- Saudi Arabia: Monday, July 27 - 2009 at 15:24
Saudi Aramco and Total are looking to borrow $8bn to build an oil refinery on Saudi Arabia's Gulf coast, Bloomberg has reported, citing two people familiar with the matter. The two companies are raising the 16-year loans in the name of Saudi Aramco Total Refining & Petrochemical Co, the sources said. The joint venture wants to borrow $3.5bn from international lenders, $1.5bn from Saudi banks and about $2bn from Saudi government funds. The remaining $1bn will be raised from lenders including the Japan Bank for International Cooperation, the sources added.
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