Talks under way to refinance $2.2bn debt of Saudi Aramco, Total's Satorp

Bloomberg reports Sumitomo Mitsui Banking Corp, Riyad Bank advising on talks for Satorp, a JV of Saudi Aramco and Total

View from the top of the Satorp refinery's paraxylene distillation tower in Jubail.
View from the top of the Satorp refinery's paraxylene distillation tower in Jubail.

Saudi Aramco is reportedly in talks with banks to refinance $2.2bn (SAR8.2bn) of debt held by Saudi Aramco and Total Refining and Petrochemical Co (Satorp), its joint venture with Total SA, with the world’s largest oil company looking to “cut the borrowing cost on the loans that were used to build the Satorp refinery”.

Bloomberg reported that Sumitomo Mitsui Banking Corp and Riyad Bank are advising on the talks.

Satorp’s refinery in Jubail converts high-sulphur crude oil to create value-added products. Saudi Aramco owns 62.5% of Satorp, and Total holds the remaining 37.5%. 

According to Total’s website, the facility features two distillate hydrocrackers to convert heavy petroleum fractions into lighter, ultra-low-sulphur products; a fluid catalytic cracking unit that produces products such as very light hydrocarbons like propylene and liquefied petroleum gas (LPG); and a coking unit to convert heavy fractions into light petroleum products and coke.

Satorp’s production capacity was raised to 440,000 barrels of crude oil per day in early-2018, according to Total.

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