Aramco aims to 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 withseveral banks to refinance debt for the Saudi Aramco Total Refining andPetrochemical Co. (SATORP) refinery, a joint venture between France'sTotal and Saudi Aramco and a world-class refinery started operation in June2014, informed sources told Bloomberg. The debt being refinanced is about$2.2billion.

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

The debts belong to Saudi andinternational banks, denominated in dollars and Saudi riyals, Bloomberg said,adding that Japan's Sumitomo Mitsui and Riyad Bank are advising on loanrefinancing talks.