Buyer’s Credit for Mega Oil Refinery Project in Oil-producing Country
Supporting Export of Japanese Plant Facilities and Machinery

  • Area: The Middle East
  • Machinery and Equipment
  • [Project Finance]

Jubail refinery under construction

JBIC signed a buyer’s credit agreement totaling up to approximately 400 million dollars with SAUDI ARAMCO TOTAL Refining and Petrochemical Company (SATORP), a company incorporated in Saudi Arabia. The loan, provided on a limited-resource basis, was cofinanced with commercial banks.
In this project, SATORP, in which Saudi Arabian Oil Company (Saudi Aramco) and Total S.A. (a French corporation) have equity stakes, builds and operates a world-class grassroots refinery with a throughput capacity of 400 thousand barrels of crude oil per day in the Jubail Industrial City on the eastern coast of Saudi Arabia. The refinery processes Arabian heavy crude oil primarily into high-value-added refined products such as diesel and petrochemical products. These products are sold mainly in Europe, the United States and Asia. JBIC finances SATORP for the EPC contract of a delayed coker, which was awarded to a consortium participated by Chiyoda Corporation, and for various types of machinery and equipment, which IHI Corporation, Elliott Ebara Turbomachinery Corporation, Kobe Steel, Ltd. and Hitachi Zosen Corporation were awarded.
This is a very significant project for Saudi Arabia’s industrial policy, which aims to produce and export large volumes of value-added oil products, since the country is moving to transform its industrial structure heavily dependent on crude oil exports. JBIC supports the export of Japanese plant facilities and machinery to this project, thereby contributing to the creation of export opportunities for Japanese firms.

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