Aramco aims to refinance SATORP’s $2.2bn debt

Saudi Aramco refinance SATORP’s $2.2bn debt

Aramco aims to refinance SATORP’s $2.2bn debt. Refinancing aims to reduce borrowing costs amid declining interest globally.

Saudi Aramco is in talks with several banks to refinance debt for the Saudi Aramco Total Refining and Petrochemical Co. (SATORP) refinery, a joint venture between France’s Total and Saudi Aramco and a world-class refinery started operation in June 2014, informed sources told Bloomberg. The debt being refinanced is about $2.2billion.

Saudi Aramco is seeking to reduce borrowing costs and take advantage of falling interest rates, the sources said.

The debts belong to Saudi and international banks, denominated in dollars and Saudi riyals, Bloomberg said, adding that Japan’s Sumitomo Mitsui and Riyad Bank are advising on loan refinancing talks.