Aramco and Total JV to sell $1bn bond

Simon Eedle, global head of Islamic banking at Credit Agricole has said that Saudi Aramco and Total plan to sell $1bn in Islamic bonds in 2010 to fund construction of their joint oil refinery in Jubail, Bloomberg has reported. The two partners agreed in June to $8.5bn in financing for the project at Jubail on the Gulf coast. The project to build a 400,000 barrel-a-day refinery will cost more than $12bn, Salem Shaheen, former chief executive officer for the project, said in March.