IDB grants Aramco $120m Jubail plant loan

28 March 2010

Saudi Aramco and France Total have secured a $120m loan to build their joint $12.8bn refinery in Jubail from the Islamic Development Bank (IDB), Reuters has reported. The 400,000 barrels per day crude refinery is scheduled to start production in mid-2013. Aramco currently owns 62.5% of the plant, while Total holds the rest, but an initial public offering scheduled to take place in two to three years will leave Aramco with an equal stake to Total.

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