$1 billion Islamic bond for Saudi Aramco-Total joint venture refinery oversubscribed 3.5 times

RIYADH, Saudi Arabia — Saudi Aramco Total Refining and Petrochemicals Company says it has raised $1 billion for its 400,000 barrel per day refinery project by selling an Islamic bond.

Satrop said in a statement Sunday the bond, or sukuk, was 3.5 times oversubscribed and matures in about 14 years.

Satrop is owned by Saudi Aramco and France’s Total S.A. State-owned Aramco is the kingdom’s main oil producer.

Aramco and Total are building a 400,000 barrel per day refining complex in Jubail in the east of the kingdom.

Saudi Arabia sits atop the world’s largest proven reserves of conventional crude and is trying to boost its refining capacity. The Jubail refinery is slated to be operational in late 2013.

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