Saudi Aramco, Total secure $6bn loan, bankers said

Saudi Aramco and French oil giant, Total have secured $6bn in bank loans to finance the construction of the $12bn Jubail Export Refinery in the kingdom's Eastern Province, Bloomberg has reported, citing two bankers involved in the transaction. Last June, the two oil companies said the 400,000 barrels-a-day refinery will be fully operational by the second half of 2013. Saudi Aramco and Total each plan to retain 37.5% of the refinery, with 25% to be sold in an initial public offering, the companies said.