29 May 2012 05:55 [Source: ICIS news]
SINGAPORE (ICIS)--Saudi Aramco expects its $14bn (€11bn) joint venture refinery project in Jubail, Saudi Arabia, to be fully operational by the third quarter of 2013, the Middle Eastern oil giant said in a report released late on Monday.
Inaugural crude oil intake at the project called Saudi Aramco Total Refining and Petrochemical (Satorp) is scheduled in December 2012, the company said in its 2011 annual review report.
Saudi Aramco has a 62.5% interest in Satorp, with the remaining 37.5% held by French oil and petrochemicals major Total.
“When completed, it will be the seventh-most complex refinery in the world. Located in Jubail, the 400,000 bbl/day full-conversion refinery with integrated petrochemical processing will be the first producer of petroleum coke and paraxylene (PX) in the Kingdom,” Saudi Aramco said.
The project is partially financed through a Shariah-compliant financial instrument called sukuk. In October 2011, Satorp was able to raise $1bn via a sukuk offering, for the project, Saudi Aramco said.
($1 = €0.80)
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