State-owned Saudi Aramco and France's Total will launch a $1 billion Islamic bond, or sukuk, in the fourth-quarter, for their joint venture in the kingdom, a banker at a lead arranger said yesterday.
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.
Credit Agricole, Deutsche Bank and Samba Financial Group are the lead arrangers for the sukuk.
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