FRANCE / KSA - SATORP's debut sukuk oversubscribed 3.5 times

Saudi Aramco Total Refining and Petrochemical Company (SATORP), a joint venture between Saudi Aramco and Total S.A. of France, issued its debut sukuk Sunday and there are signs that several other potential Saudi issuers are lining up to go to the market preferring to raise funds in this way despite the continuing turmoil in the global financial market and economy.

According to the latest information available Sunday, the SATORP bond issue was 3.5 times oversubscribed. (source)

FRANCE - Saudi Aramco, Total appoint three banks for sukuk

AMEINFO.COM - Saudi Aramco and France's Total have appointed Deutsche Securities Saudi Arabia, Samba Capital and Saudi Fransi Capital as lead managers and joint bookrunners for the sukuk which will finance the Jubail refinery project, Reuters has reported. The total size of the sukuk - open only to Saudi nationals or those registered in the country - was not disclosed but has been previously indicated at $1bn. The offering period starts on September 10 and will last for 16 days. (source)

FRANCE - SUKUK - Saudi Aramco and France's Total ink $1b Sukuk for Jubail JV

JEDDAH - Saudi Aramco and France's Total will launch $1 billion Islamic bond (Sukuk) in the Q4 to build 400,000 barrels per day crude refinery in Jubail.

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.