Saudi Aramco taps banks for $5 billion petrochemical project finance: sources | Reuters

Saudi Aramco taps banks for $5 billion petrochemical project finance: sources | Reuters:

Saudi Aramco has approached banks to finance its $5 billion Amiral petrochemical project that the state-owned oil producer plans to develop with France’s Total, five sources familiar with the matter said.

Aramco, the world’s largest crude producer, plans to boost investment in refining and petrochemicals in a bid to cut reliance on crude as demand for oil slows.

Plans for the giant Amiral petrochemical complex in the Saudi city of Jubail were announced in April. It will be located next to the Satorp refinery, which is also jointly owned and operated by Aramco and Total.