Middle East Economic Survey

VOL. LII

No 49

7-Dec-2009

SAUDI ARABIA

Jubail Financing Talks Continue

Talks to pin down margins are still ongoing between sponsors of the Saudi Aramco, Total Refining and Petrochemical Company (Satorp) 400,000 b/d export refinery in Jubail and lenders. The project, being implemented by Saudi Aramco and French oil major Total (advised by Calyon and Saudi Fransi), is costing $12bn (including financing costs) with $8bn coming from debt. Banks have been given until 4...