Aramco, Total to raise $8bn refinery plant finance

Salem Shaheen, CEO of Saudi Aramco Total Refining and Petrochemical Co has said that Saudi Aramco and Total expect to raise $8bn in debt financing for the joint refinery and petrochemical project in the "coming months," Bloomberg has reported. The 400,000 barrel-a-day refinery in Jubail on Saudi Arabia's Gulf coast will cost more than $12bn, he said, noting that this, including financing expenses, will also be funded by Saudi Arabia which will contribute more than $1bn to the project, and by the partners' equity.