Aramco, Total get $120m loan for JV

Saudi-based Islamic Development Bank (IDB) said yesterday it agreed to grant State oil giant Saudi Aramco a $120 million loan (Dh440.76m) to build a $12.8 billion refinery in Jubail with France Total.

The project is being financed by all Saudi commercial banks, the Saudi Industrial Development Fund, Public Investment Fund, Barclays, JP Morgan, Deutsche Bank, HSBC, BNP Paribas and Citigroup, IDB said. in a statement. The loan is part of an Islamic facility, IDB said.