Aramco looks to raise Jubail refinery finance

Saudi Aramco has approached the major banks in the kingdom to raise $4bn to help finance its planned $9.6bn Jubail oil refinery project, Meed has reported. International banks are expected to provide about $1.9bn for the 400,000-barrel-a-day plant, with further $1.7bn guarantees by international export credit agencies, and a $1bn sukuk is also due to be issued. Jubail was originally scheduled to come on line in March 2013, but the start date has since been delayed to late 2013.