Saudi Aramco aims for $4.7 billion loan to refinance Chinese JV
by ChemOrbis Editorial Team - content@chemorbis.com
According to media reports, Saudi Aramco is seeking a $4.7 billion loan from local and Chinese banks to refinance the capital used for building an oil refinery in cooperation with China’s Sinopec. The 400,000 barrel per day (bpd) refinery at Yanbu is operated by Yasref, a joint venture between Aramco and Sinopec.
The two companies had to fund the refinery from their own resources when ConocoPhillips left the project in 2010. The loan, whose lifespan is expected to be seven years, will replace some of Aramco’s investment in the refinery so that the state-owned oil company can use the funds for other acquisitions and investments.
The two companies had to fund the refinery from their own resources when ConocoPhillips left the project in 2010. The loan, whose lifespan is expected to be seven years, will replace some of Aramco’s investment in the refinery so that the state-owned oil company can use the funds for other acquisitions and investments.
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