By SUMMER SAID
DUBAI -- Saudi Aramco Total Refining and Petrochemical Co., or Satorp,
said Wednesday it will double its capital to 7.12 billion
Saudi riyals ($1.95 billion) in the first quarter of next year
to fund its project in the eastern city of
The capital hike will be paid in cash by shareholders in
proportion to their stakes, Satorp said in a statement posted
on the Saudi bourse website.
Saudi Aramco owns 62.5% of Satorp and 37.5% is controlled by
The capital-raising plan, the second this year, won't change
Last year, Saudi Aramco general manager of corporate project finance development Jamal Al
Rammah said Satorp plans to float a 25% stake in the company by
Satorp is building a 400,000 bpd export refinery in Jubail in the kingdom's
eastern region, which is expected to be fully operational by
the third quarter of 2013.
The refinery complex, estimated to cost
about $14 billion to build, is part of a drive by the world's
top oil exporter to boost refining capacity.
It has said previously that a SAER3.75 billion Islamic bond
in late 2011, that will be used to help finance the project, was 3.5 times
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