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)
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