Total-Saudi joint venture gets $8.5B in financing - BusinessWeek

A joint venture between French oil company Total SA and Saudi Aramco said Friday it secured $8.5 billion in financing for an oil refinery in Jubail, Saudi Arabia.

Saudi Aramco Total Refining and Petrochemical Co. said it secured $4.49 billion in financing from commercial financial institutions, and $4.01 billion from the Public Investment Fund and Export Credit Agencies. The joint venture said it has commitments for about 413.5 billion in financing for the refinery, which is expected to go online in 2013 and produce 400,000 barrels of oil per day.

Saudi Aramco owns 62.5 percent of the joint venture, and Total owns the other 37.5 percent.

U.S.-traded shares of Total dipped 49 cents to $46.75 in afternoon trading.