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Aramco Total JV to raise capital investment to USD1.90b  Join our daily free Newsletter

MENAFN - 18/12/2012

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(MENAFN) Saudi Aramco announced that its joint venture with French Total will increase capital investment at Jubail to USD1.90 billion from USD948 million, reported Arabian Business.

The company said that the move will take place in next year's first quarter, adding that the capital rise will be on a pro-rata basis.

The Saudi firm owns 62.5 percent stake in the project, whereas Total holds the remaining 37.5 percent.

The joint venture, Saudi Aramco Total Refinery and Petrochemicals Company (SATORP), said in 2010 that it had raised USD8.5 billion towards the USD12.8 billion project and last year it issued USD998 million Islamic bonds to help pay for it.

 






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