SATORP raises $1bn from sukuk

SATORP raises $1bn from sukuk

Published: October 10, 2011

Saudi-French JV secures funds to continue development of refinery.

Saudi Aramco-Total Refinery and Petrochemical Company (SATORP), the joint venture behind the Jubail refinery in Saudi Arabia, has raised US$1bn from a sukuk issuance.

The issuance, marketed only to Saudi investors, was reportedly 3.5 times oversubscribed.

In related news, Saudi Aramco last week signed a joint venture agreement with Dow of the US to form Sadara Chemical Company, which will make and run an integrated chemicals complex