Saudi Aramco and France’s Total have started talks with banks on the terms of the financing for the $9.6bn Jubail refinery project.

The deal, which features a $1.4bn international bank tranche and a similar sized Saudi bank tranche, was oversubscribed by the deadline for financing bids of 18 September. Negotiations between the project sponsors and the banks to finalise terms of the loans have now begun.

A prospective term sheet will be sent out by early November, according to sources close to the deal.

The financing package for the deal is completed by $2.2bn export credit agency (ECA) guaranteed loans, and $3.3bn from direct loans from ECAs, the Saudi Industrial Development Fund and the Public Investment Fund.

The Aramco and Total joint venture developing the project, Saudi Aramco & Total Refining & Petrochemical Company (Satorp), is hoping to get the financing for the project into place before the end of the year.