(MENAFN) Saudi Aramco, the world's largest oil exporter, is seeking a USD4.7 billion loan for an oil refinery on the west coast of Saudi Arabia.
Additionally, the loan for the Yanbu Aramco Sinopec Refining Company Ltd, or Yasref, as the joint venture company is known, will be for seven years.
The plant began operating at full capacity of 400,000 barrels a day in July, and is considered to be one of the largest refineries operated by the Saudi behemoth.
The deal is the second time this year that Aramco has sought funding from banks after the Saudi state-owned oil firm borrowed USD10 billion to fund investments.
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