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Aramco, Total seek $8bn loans for new oil refinery

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Tuesday, 28 July 2009
OIL FIELD: Aramco and Total are planning to build a new refinery, sources say. (AFP)
OIL FIELD: Aramco and Total are planning to build a new refinery, sources say. (AFP)

Saudi Aramco and Total SA are seeking to borrow SR30bn ($8bn) to build an oil refinery on the kingdom’s Gulf coast, according to a report in the Saudi Gazette.

The companies are reported to be raising 16-year loans, sources close to the deal told the paper.

According to the paper, the firms want to borrow $3.5bn from international lenders, $1.5bn from Saudi banks and about $2bn from Saudi government funds. A further $1bn will be raised from lenders, including the Japan Bank for International Cooperation.


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Calyon, the investment banking unit of Credit Agricole SA, is advising the venture, the paper said.

Both companies declined to comment.

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