Saudi Aramco Total Refining and Petrochemical Company (Satorp) has secured a $533.33mn loan from the state-affiliated Saudi Industrial Development Fund in Riyadh, Reuters reports.
The company is expected to draw the 7.5% loan in a single disbursement on or around 28th of August, the report said.
A joint venture between Saudi Arabia’s national oil company, Saudi Aramco, and France’s Total, Satorp is located in Jubail Industrial City, about 100km north of Dammam in the Eastern Province.
Satorp started operation in late 2013 and with current production of 400,000 barrels per day is one of Saudi Arabia’s major refineries.
Saudi Arabia in recent years has stepped up its plans to diversify away from its reliance on crude oil export and develop its refining sector with a number of significant projects currently in the pipelineÂ
Inside the Kingdom, Aramco is set to build a $7bn refinery in Jazan and has reportedly started talks to build a petrochemical plant in Indonesia.
Through its subsidiaries, the oil giant owns stakes in several joint ventures in South Korea including Korea’s largest refiner S-Oil.
