Released on 18/12/12
Saudi Aramco and Total plan to double the capital of their refining and petrochemical joint venture to Saudi riyal (SR) 7.13bn ($1.9bn).
Ownership of the two companies in Saudi Aramco Total Refining and Petrochemical Co (Satorp) will remain at 62.5%:37.5% after the capital hike, Arabian Aramco Total Services Co said in a filing to the Saudi stock exchange on Tuesday.
It will be a cash capital injection to fund SATORP’s project in Jubail, it said.
The $14bn project is expected to produce 700,000 tonnes/year of paraxylene, 140,000 tonnes/year of benzene and 200,000 tonnes/year of polymer-grade propylene, the company added.
The project is expected to be fully operational by the third quarter of 2013.
Source ICIS News
Saudi Aramco and Total plan to double the capital of their refining and petrochemical joint venture to Saudi riyal (SR) 7.13bn ($1.9bn).
Ownership of the two companies in Saudi Aramco Total Refining and Petrochemical Co (Satorp) will remain at 62.5%:37.5% after the capital hike, Arabian Aramco Total Services Co said in a filing to the Saudi stock exchange on Tuesday.
It will be a cash capital injection to fund SATORP’s project in Jubail, it said.
The $14bn project is expected to produce 700,000 tonnes/year of paraxylene, 140,000 tonnes/year of benzene and 200,000 tonnes/year of polymer-grade propylene, the company added.
The project is expected to be fully operational by the third quarter of 2013.
Source ICIS News