Saudi Aramco Total Refining and Petrochemical Co., which is 62.5 percent owned by Saudi Aramco and 37.5 percent owned by Total SA, signed the finance documents for $8.5 billion of senior project finance facilities that have been secured for the Jubail refinery. French oil major Total and Saudi Aramco have completed an $8.5 billion financing for their joint refinery in the Kingdom, the companies said in a statement on Friday. “Finances totaling $8.5 billion were secured from multiple sources including $4.01 billion from the Public Investment Fund and Export Credit Agencies (covered and direct), and $4.49 billion from commercial financial institutions. “The senior loan facilities have a tenor of 16 years with an all in pricing of 1.85 percent (above LIBOR) for the US dollar commercial and Export Credit Agencies (ECA) covered loan facilities,” the statement said. The 400,000 barrel-per-day Jubail refinery, 62.5 percent owned by Saudi Aramco and 37.5 percent by Total, is scheduled to be operational by 2013, it added. It is to produce 700,000 tons per year of paraxylene, 140,000 tpy of benzene and 200,000 tpy of polymer-grade propylene. Finances totaling $8.5 billion were secured from multiple sources including $4.01 billion from the Public Investment Fund and Export Credit Agencies, and $4.49 billion from commercial financial institutions, the company said. The senior loan facilities have a tenor of 16 years with an all in pricing of 1.85 percent (above LIBOR) for the US Dollar commercial and Export Credit Agencies covered loan facilities. The financing has been very well received by a diverse group of local, regional and international banks, with commitments received for over $13.5 billion.
