SATORPSaudi Aramco Total Refining and Petrochemical Company (Saudi Arabia)
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Nasser said: "Satorp's second-phase expansion represents a quantum leap in Saudi Aramco's downstream strategy to maximise our hydrocarbon resources and help position the kingdom as a chemicals manufacturing hub, thus supporting economic diversification.
Satorp, a joint venture of Saudi Aramco and Total, awarded KBR the main contract to debottleneck Train 2 of its Jubail oil refinery.
"SATORP's second-phase expansion represents a significant value addition in Saudi Aramco's downstream strategy to maximize the full value of our vast resources portfolio and position the Kingdom as a chemicals manufacturing and exports hub, supporting economic growth and diversification as part of Vision 2030."
Located next to the SATORP refinery in the same industrial area, the complex will comprise a world-size mixed-feed steam cracker (50% ethane and refinery off-gas) with a capacity of 1.5 million tons per year of ethylene and related high-added-value petrochemical units.
SaToRP is working on Phase-II expansion with both partners being bullish about the prospects in the future.
Saudi Aramco may sell one or two cargoes of fuel oil from the venture known as Saudi Aramco Total Refining and Petrochemical, or Satorp, two people with knowledge of the situation said last week.
Until the refinery -- a joint venture with France's Total and Saudi Aramco Total Refining and Petrochemicals Co's (SATORP) Jubail refinery -- is at full capacity, Aramco will buy heavily to ensure it is covered for Ramadan, when travel within the region significantly picks up.
M2 EQUITYBITES-December 27, 2012-KBR under its JV with AYTB signs seven year maintenance services contract with SATORP Refinery in Saudi Arabia(C)2012 M2 COMMUNICATIONS
The first project Sukuk in Saudi Arabiaa was the SAR 3.75 billion Sukuk issued last October by Saudi Aramco Total Refining and Petrochemical Co (SATORP), a joint venture between Aramco and Total.
The public offering of Sukuk certificates is being made by Arabian Aramco Total Services Company (AATSC), a company especially established for the purpose of issuing the Sukuk on behalf of SATORP. The total offering size will be determined at a later stage by SATORP.
SaToRP, having a big refining and petrochemical complex built in Jubail to be partly on stream in late 2011, is to sell a $1bn sukuk by October, offering investors one of the few chances to get directly involved in Saudi Arabia's industrial sector.
On the Islamic capital markets side, Saudi Aramco Total Refining and Petrochemical Company (SATORP) appointed Deutsche Securities Saudi Arabia; Samba Capital and Saudi Fransi Capital as Joint Lead Managers and Joint Bookrunners for its Sukuk, which is expected to be around $1 billion.