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    Total-Eni partnership in offshore gas drilling

    Gulf of Mexico Drilling Rights Bids Fetch $263.8 mln To US

    Atlas Petroleum, partners advance Venus oil discovery offshore Equatorial Guinea

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    UN Condemns Energy Giants For Ignoring Science of All Things

    Global oil and gas projects pipeline at US$4 trn

    BP begins gas production at West Nile Delta project

    BP begins gas production at West Nile Delta project

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    ABB wins $79m order for Bab onshore project in Abu Dhabi

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    BHP successful in bids for blocks in the offshore Orphan Basin in Eastern Canada

    Operational excellence and safety continue to be a key driver in oil and gas sector

    Gazprom plans to carry forward cost efficient in 2018

    TGS announces new seismic project in the Anadarko basin

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    Breaking the Application Barrier: Why Data is the Most Valuable Asset in the Oil and Gas Industry

    Drilling Optimization Through Advanced Analytics Using Historical and Real-Time Data

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    Saudi Arabia’s NEOM hydrogen mega-project cost soars to $8.5 billion

    OERA & ONHYM Reach Agreement to Enhance Offshore Energy Research & Development

    Santos receives major approval for oil and gas development offshore Western Australia

    Eni, Repsol press Maduro for more control to increase oil production from Venezuelan oil fields

    chevron invests in carbon capture and removal technology company, svante

    bp looks to further developments at Tangguh with PSC extension

    Falcon Oil & Gas completes successful drilling operations in Australia

    N’GENIUS solution on the horizon for oil, gas and LNG industry

    QatarEnergy, GE to develop carbon capture roadmap

    QatarEnergy, GE to develop carbon capture roadmap

    Equinor Energy

    Transocean secures offshore drilling rig contract from Wintershall and OMV

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    CNOOC Limited Announces Caofeidian 11-1/11-6 Oilfield Comprehensive Adjustment Project Commences Production

    Vital Energy acquires oil production assets in Permian basin for $128 million

    INPEX sells Eagle Ford tight oil production and development assets to Repsol

    Matador Resources acquires Delaware basin assets for $1.6 billion

    Funding For Oil And Gas Industry Is Evolving Dramatically

    Marathon Oil Completes Eagle Ford Acquisition

    Neptune Energy producing natural gas from Merakes project in Indonesia

    Fresh Gas Supply Need Is Created By Australian Energy Crisis

    Chevron Announces $15 Billion Capital and Exploratory Budget for 2022

    Chevron Announces $15 Billion Capital and Exploratory Budget for 2022

    Aramco announces second quarter and half-year 2021 results

    Aramco announces second quarter and half-year 2021 results

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Saudi Aramco, Sumitomo Chemical Invite Banks to Back JV Plant Expansion

Yuvraj_ong by Yuvraj_ong
September 27, 2014
in Downstream, Middle East & South Asia, News
0

Saudi Arabia’s PetroRabigh said on Wednesday its founding shareholders had formally invited banks to provide financing for the 32 billion riyal ($8.5 billion) expansion of its petrochemicals complex in the kingdom.

 

No figures for how much cash would be raised by PetroRabigh – a joint venture between Saudi Aramco and Sumitomo Chemical – were given in the statement.

 

However, Sumitomo President Masakazu Tokura said last November that both companies would each put in 100 billion yen ($975 million), with the rest of the funds coming from project financing.

 

The requests for proposals were issued by the parent firms to local and international banks on Tuesday, with financing of the expansion to be split between conventional loans and sharia-compliant facilities, the bourse filing said.

 

PetroRabigh’s existing plant can produce an annual 18 million tonnes of refined products and 2.4 million tonnes of petrochemical products.

 

The new facility, known as Rabigh II, is to be built as an expansion of PetroRabigh’s existing petrochemical plant, increasing output and introducing higher-margin products.

 

The project, located on Saudi Arabia’s Red Sea coast, received a formal go-ahead from the parent firms in 2012; PetroRabigh has said previously it is due to come online in 2016, despite a string of maintenance problems at the existing facility.

 

Rabigh II will produce ethylene propylene rubber, thermoplastic polyolefin, methyl methacrylate monomer and polymethyl methacrylate among other products.

 

The ownership of Rabigh II will be transferred to PetroRabigh from the parents in the fourth quarter of this year, the joint venture firm said last month, although Aramco and Sumitomo would continue to guarantee the debt raised to build the scheme.

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