Jeddah, 27.3.2010 : The Islamic Development Bank approved US$120 million loan to participate in the Islamic financing facility for Jubail Refinery and Petrochemical Project, considered to be one of the most strategic projects for Saudi Arabia.

The construction of the refinery will take place over a period of four years and will be implemented by Saudi Aramco TOTAL Refining and Petrochemical Company (SATORP), owned by Saudi Aramco (62.5%) and TOTAL of France (37.5%). The project management team of the two companies will be managing the day-to-day construction progress together with Technip of Italy to assist with project coordination.

The project company will construct, operate and manage the project, refining 400,000 bpd of heavy crude, converting it into high value added distillates and petro chemicals. The project, to be constructed at a capital cost of US$12.8 billion, is being financed by all Saudi commercial banks, the Saudi Industrial Development Fund, Public Investment Fund, Barclays, JP Morgan, Deutsche Bank, HSBC, BNP Paribas and Citigroup.

The timing of the project is strategically important, indicating that Saudi Arabia in particular and the region in general, have remained resilient to the economic crisis and back on track for growth.