JEDDAH: Saudi Aramco Total Refining and Petrochemical Company (SATORP) said it had obtained an SR2 billion ($533.33 million) loan from the state-affiliated Saudi Industrial Development Fund.

The company said it expected to draw the 7.5 year loan in a single disbursement on or around August 28.

SATORP, a 400,000 barrel per day refinery, is a joint venture between Saudi Aramco and Total.

In May 2006, Saudi Aramco and Total signed a memorandum of understanding to develop the Jubail Refinery and Petrochemical Project in Saudi Arabia.

The project entails the development of 400,000 barrels per day (bpd), and will be the first plant built in Jubail Industrial City 2, located in the east coast of Saudi Arabia.

On June 22, 2008, with a share of (62.5 percent) for Saudi Aramco and (37.5 percent) for Total, the shareholders signed an Agreement in order to form SATORP, which was officially established on September 21.