Saudi Aramco-Total joint venture to offer first fuel- sources

September 10
9:35 AM 2013

Sources told Bloomberg that the joint venture company between Saudi Arabian Oil Co and Total would be selling their first fuel this month. The firm, Saudi Aramco Total Refining and Petrochemical Co (Satorp), would be offering one or two cargos of fuel for sale. Each cargo would consist of 80,000 metric tons of fuel oil. The sources further revealed that the first cargo would most likely be sold through direct negotiations and not by tender. The sources spoke on the condition of anonymity as the information was private.

State-owned Saudi Aramco holds a 62.5% stake in Satorp, while the rest is held by France-based Total. According to one of the sources, the joint venture company processes 120,000 barrels a day of the Arab Light blend crude. The person also revealed that Satorp would be establishing another crude oil unit next month. In November, there are also plans to put up a coking facility that would allow Satorp to process gasoline and diesel oil.

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