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SATORP – ECA multisource project
02 March 2011
SATORP provides firsts for all
Saudi Aramco Total Refining and Petrochemical Company’s (SATORP’s) landmark refinery and petrochemical project was destined to be a deal of firsts. From its conception the planned complex in Al-Jubail Industrial City was the first full-conversion refinery project in Saudi Arabia. And then came the financing. Seventeen international banks, 12 Saudi banks including Islamic banks, seven ECAs, and Saudi funds PIF and SIDF all combined to provide an $8.5 billion debt package for Saudi Arabia’s largest project financing to date.
The transaction also incorporates a remarkable dual currency financing plan involving US dollars and Saudi riyals, to help support this complex multisource financing programme. The arrangers point out that the financing plan was only finalised near the time of the signing in order to maintain maximum flexibility and achieve the lowest all-in cost of financing.
Société Générale CIB acted as documentation bank...
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