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