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Satorp selected three banks to arrange a planned Islamic bond

August 31/2011

(Saudi Gazette) -- Saudi Aramco Total Refining and Petrochemical Co. (Satorp), has selected three banks to arrange a planned Islamic bond, or sukuk, issue that will help it finance a large refinery complex at Jubail. Deutsche Securities Saudi Arabia, Samba Capital and Saudi Fransi Capital were chosen as joint lead managers and joint bookrunners for the sukuk, Satorp said in a statement posted on its website.

The offering, which earlier this month secured regulatory approval, will kick off Sept. 10 and last for 16 days. The total sukuk size will be determined by Satorp at a later stage, it said.
The Islamic bond is the first Shariah-compliant project sukuk instrument in the Arab worlds largest economy.

Satorp, a company that is 62.5 percent owned by Aramco and 37.5 percent owned by Frances Total S.A., plans to build a 400,000 barrel-a-day export refinery in Jubail. The refinery complex, estimated to cost more than USD10 billion to build, is part of a drive by the worlds top oil exporter to boost refining capacity by more than 1.7 million barrels a day from installed capacity of 2.1 million barrels a day now.

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