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Aramco, Total confident on $8 billion financing

Energy giants expect to raise funds for joint refinery and petrochemical project in Saudi in the ‘coming months’.

March 24, 2010 5:21 by

Saudi Aramco and Total SA are confident they will raise $8 billion in debt financing for their joint refinery and petrochemical project in Jubail, Saudi Arabia.

Salem Shaheen, chief executive officer of Saudi Aramco Total Refining and Petrochemical Co, tells Bloomberg that the funding will be secured in the “coming months”.

The 400,000 barrel-a-day refinery in Jubail will cost more than $12 billion. Saudi Arabia is contributing more than $1 billion.

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