Aramco Seeks $5bn Finance

Saudi Aramco has approached banks for the $5bn funding needed for the integration of a 1.5mn t/y mixed feed cracker and 800,000 t/y polyethylene plant at the 440,000 b/d Satorp joint venture refinery at Jubail on the Saudi Gulf coast. Aramco has asked banks to pitch for a financial advisory role and provide indicative commitments, according to a Reuters report citing several sources. Aramco and Total, equal partners in Satorp, last month signed an agreement to proceed with FEED for the project, which intends to sell some of its ethylene to third part plants to be built nearby. Start-up of the project is scheduled for 2024 ( MEES, 12 October ). (CONTINUED - 108 WORDS)