Yasref Secures $4.7bn Loan To Release Capital

The Yasref refinery joint venture of state petroleum firm Saudi Aramco and China’s Sinopec has secured a $4.7bn syndicated loan to release capital now the project is fully operational. The loan comprises a $3.1bn seven-year term facility and a seven-year SR6bn ($1.6bn) loan. The 400,000 b/d refinery shipped its first cargo in January 2015, after a development costing an estimated $10bn.

The $3.1bn tranche will be provided by Bank of Communications Hong Kong, Bank of China Dubai, China Construction Bank Dubai, Bank of China London, China Construction Bank Hong Kong; US’s JP Morgan, Citigroup and Morgan Stanley; Japan’s Sumitomo Mitsui Banking Corporation, Mizuho and Bank of Tokyo-Mitsubishi; Export Development Canada; Germany’s Deutsche Bank; France’s BNP Paribas and Credit Agricole; Switzerland’s Credit Suisse; UK’s HSBC and Standard Chartered; and Qatar National Bank, Project Finance International (PFI) reports. (CONTINUED - 296 WORDS)