(MENAFN) Aramco Total Refining and Petrochemical Company (SATORP) announced obtaining a USD533.33 million loan from the state-affiliated Saudi Industrial Development Fund, Arab News reported.
The Saudi firm said it predicts to draw the 7.5 year loan in a single payment on or around August 28. SATORP, a 400,000 barrel per day refinery, is a joint venture between Saudi Aramco and Total.
The project includes the development of 400,000 barrels per day (bpd), and will be the first plant built in Jubail Industrial City 2, which is located in the east coast of Saudi Arabia.
On June 22, 2008, with a share of (62.5 percent) for Saudi Aramco and (37.5 percent) for Total, the shareholders signed an Agreement in order to form SATORP, which was officially founded on September 21.
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