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Aramco & Total to Double SATORP Capital to $1.9 bln

Source: Reuters 12/18/2012, Location: Middle East

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Saudi Aramco and France's Total will double the capital of its oil refinery joint venture at Jubail to 7.12 billion riyals ($1.90 billion) as part of the planned financing for the project, it said.

The capital of Saudi Aramco Total Refinery and Petrochemicals Company (SATORP) will be increased from 3.56 billion riyals through a cash injection by the shareholders in the first-quarter of 2013, according to a statement on the Saudi bourse website.

State-owned Aramco holds a 62.5 percent stake in the project, with Total holding the remaining 37.5 percent stake. The capital increase will be on a pro-rata basis, the statement said. ($1 = 3.7502 Saudi riyals)

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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