Saudi Aramco Lubricating Oil Refining Company’s (Luberef) is aiming to complete a $1bn loan in either December or January next year, according to sources close to the deal.

The company received around $4bn of commitments to the loan in May, but did not start talks with banks to finalise terms until September. The loan will have a tenor of 10 years.

Luberef is a joint venture partner in the Yanbu-based refinery with the local Jadwa Industrial Development Company. The funds will be used for a new hydrocarbon cracker at the company’s Yanbu refinery.