Saudi Aramco Total Refining and Petrochemical (Satrop) has selected three banks to arrange for its Islamic bond, that will help to finance the construction of a large refinery complex at Jubail on the Persian Gulf coast, Saudi Arabia.
The company has selected Deutsche Securities Saudi Arabia, Samba Capital and Saudi Fransi Capital as joint lead managers and joint book runners for the bond and has secured an approval for the offering.
The company proposes to construct a refinery worth $10bn and is capable or refining about 400,000 barrel-a-day export refinery.
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