Saudi Aramco is to finance 50% of the cost of the Jubail refinery being developed by Saudi Aramco Total Refining and Petrochemical Company (Satorp) out of its own funds, the company's Chief Executive Officer, Mr. Salem Shaheen, told the local newspaper Al Eqtisadiah. Satorp is a joint venture between Saudi Aramco (62.5%) and Total (37.5%). Mr. Shaheen indicated that the total project cost had been revised down to 8 billion from the earlier estimate of 10 billion produced in mid-2008. After Total has contributed its full share of the cost, the balance will be financed out of the proceeds of the future sale of products, explained Mr. Shaheen. The complex is scheduled for completion in March 2013.
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