Satorp shortlists three banks to arrange a sukuk to finance Jubail refinery complex

Saudi Aramco Total Refining and Petrochemical Co. (Satorp) has selected three banks to arrange a planned Islamic bond (sukuk) issue to help it finance a large refinery complex at Jubail, as per the Saudi Gazette. The sukuk received regulatory approval earlier this month. Deutsche Securities Saudi Arabia, Samba Capital and Saudi Fransi Capital have been chosen as joint lead managers and joint book runners for the sukuk. The offering will kick off Sept. 10 and last for 16 days. The total sukuk size will be determined by Satorp at a later stage. Satorp is 62.5% owned by Aramco and 37.5% owned by France's Total S.A., and plans to build a 400,000 barrel-a-day export refinery in Jubail at an estimated investment of over US$10 bln.
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