Saudi Aramco Hiring Funding Advisers for a $5 Billion Project

(Bloomberg, London, 17 January 2019) Satorp, the joint venture between Saudi Aramco and Total SA, hired Sumitomo Mitsui Banking Corp. and Riyad Bank to help raise funds to develop a petrochemical facility in the kingdom. Financing for the $5 billion Amiral project is expected to be arranged from banks and export credit agencies. The facility will be in Jubail in the eastern province where the JV already operates a refinery and will convert fossil fuels into building blocks for plastics. Saudi Arabia is seeking to transform its oil-dependent economy by developing new industries, and is pushing into petrochemicals as a way to earn more from its energy deposits. The Amiral complex will be able to produce 2.7 million tons of chemicals annually and will be completed by late 2023 or early 2024. Aramco, as Saudi Arabian Oil Co. is known, owns 62.5 percent of Satorp, while Total holds the rest.