The sukuk is related to the financing of a venture between the oil majors to build a 400,000 barrels per day (bpd) crude refinery in Jubail, on the Gulf coast.
"The long delayed $1 billion sukuk, which was part of the financing for the Jubail refinery, will be launched in the fourth quarter," Simon Eedle, global head of Islamic banking at Credit Agricole, said at a conference.
Credit Agricole, Deutsche Bank and Samba Financial Group are the lead arrangers for the sukuk.
The Jubail refinery, 62.5 percent owned by Saudi Aramco and 37.5 percent by Total, is scheduled to begin operating in 2013, and is among the new plants planned by Saudi Arabia, the world's top oil exporter, as it looks to boost domestic refining capacity.
Last year, it was estimated that the Jubail refinery could cost more than $12 billion and funding for the project may include an Islamic bond portion to meet demand from Saudi investors.
In June, Saudi Aramco and Total said they had completed an $8.5 billion financing for the refinery from multiple sources.
