The company has selected Deutsche Securities Saudi Arabia, Samba Capital and Saudi Fransi Capital as joint lead managers and joint book runners for the bond and has secured an approval for the offering.
The company proposes to construct a refinery worth $10bn and is capable or refining about 400,000 barrel-a-day export refinery.
Construction of the new refinery in Jubail will increase the refining capacity of the country by more than 1.7 million barrels a day from installed capacity of 2.1 million barrels a day at present.
The size of the issue, which is expected to begin on 10 September 2011, will be decided by Satrop.
Satorp is a joint venture company owned by Aramco and Total with 62.5% and 37.5% interest respectively.
The Islamic bond or Sukuk is the first shariah-compliant interest free loan used majorly by the Arab countries.
Â
