Simon Eedle, global head of Islamic banking at Credit Agricole, said the long delayed $1 billion Sukuk which was part of the financing for the Jubail refinery will launch in the Q4. Credit Agricole, Deutsche Bank and Samba Financial Group are the lead arrangers for the Sukuk.
The Jubail refinery, 62.5 percent owned by Saudi Aramco and 37.5 percent by Total is scheduled to begin operating in 2013 and is among the new plants planned by Saudi Arabia as it looks to boost domestic refining capacity. Last year, it was estimated that the Jubail refinery could cost more than $12 billion and funding for the project may include an Islamic bond portion to meet demand from Saudi investors.
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Source : http://www.saudigazette.com.sa/index.cfm?method=home.regcon&contentID=2010101785466 - Oct 17, 2010
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