Saudi Aramco, Total to double SATORP’s capital to $1.9bn

18 December 2012 08:20  [Source: ICIS news]

SINGAPORE (ICIS)--Saudi Aramco and Total plan to double the capital of their refining and petrochemical joint venture to Saudi riyal (SR) 7.13bn ($1.9bn).

Ownership of the two companies in Saudi Aramco Total Refining and Petrochemical Co (Satorp) will remain at 62.5%:37.5% after the capital hike, Arabian Aramco Total Services Co said in a filing to the Saudi stock exchange on Tuesday.

It will be a cash capital injection to fund SATORP’s project in Jubail, it said.

The $14bn project is expected to produce 700,000 tonnes/year of paraxylene, 140,000 tonnes/year of benzene and 200,000 tonnes/year of polymer-grade propylene, the company added.

The project is expected to be fully operational by the third quarter of 2013.

($1 = SR3.75bn)

By: Pearl Bantillo
+65 6780 4359

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly