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(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 world’s largest
economy.
Satorp, a company that is 62.5 percent owned by Aramco and 37.5 percent
owned by France’s 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 world’s 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.
mrcplast.com
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