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Total, Aramco complete $8.5bn financing for Jubail refinery

26 June 2010

Saudi Aramco and French oil major Total have announced the completion of an $8.5bn financing for a joint refinery in Saudi Arabia, Reuters has reported. "Finances totalling $8.5bn were secured from multiple sources including $4.01bn from the Public Investment Fund and Export Credit Agencies (covered and direct), and $4.49bn from commercial financial institutions," the two firms said. The 400,000 barrel-per-day Jubail refinery, 62.5% owned by Saudi Aramco and 37.5% by Total, is scheduled to be operational by 2013.

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