Oct 12 2010
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$1bn Saudi Islamic bond on the cards
The sukuk is related to the financing of a venture between the oil majors to build a 400,000 barrels per day (bpd) crude refinery in Jubail, on the Gulf coast.
"The long-delayed $1 billion sukuk, which was part of the financing for the Jubail refinery, will launch in the fourth-quarter," Simon Eedle, global head of Islamic banking at Credit Agricole, said.
The Jubail refinery, 62.5 per cent owned by Saudi Aramco and 37.5 per cent by Total , is scheduled to begin operating in 2013, and is among the new plants planned by Saudi Arabia, the world's top oil exporter, as it looks to boost domestic refining capacity.
© Bahrain Tribune 2010
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