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Overview

Bank of China contributes to the $147.25 million USD wakala loan tranche of a $2.245 billion USD syndicated loan for the SATORP Refinery 2019 Refinancing Project (Linked to Record ID#97583)

Commitments (Constant USD, 2023)$6,601,600
Commitment Year•2019Country of Activity•Saudi ArabiaDirect Recipient Country of Incorporation•Saudi ArabiaSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Dec 5, 2019
Last repayment (originally scheduled)
Jun 2, 2029

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Cofinancing agencies

Private Sector

  • Abu Dhabi Islamic Bank PJSC (ADIB)
  • Al Rajhi Bank (formerly Al Rajhi Banking and Investment Corporation)
  • Alinma Bank SJSC
  • Bank Albilad
  • Bank Aljazira (BAJ)
  • Banque Saudi Fransi (BSF)
  • BNP Paribas S.A.
  • BofA Securities, Inc. (Formerly Bank of America Merrill Lynch (BAML))
  • Citibank, N.A.
  • Credit Agricole S.A. (Crédit Agricole Group)
  • HSBC Bank PLC
  • Mizuho Bank, Ltd.
  • National Bank of Kuwait S.A.K. (NBK)
  • Natixis
  • Saudi Awwal Bank (SAB - Alawwal) (Formerly Saudi Arab British Bank (SABB))
  • Société Générale S.A. (SocGen or Societe Generale)
  • Sumitomo Mitsui Banking Corporation (SMBC)

State-owned Banks

  • First Abu Dhabi Bank PJSC (FAB)
  • Riyad Bank
  • Samba Financial Group
  • Saudi National Bank (SNB) (SNB AlAhli) (Formerly The National Commercial Bank (NCB))

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • Saudi Aramco Total Refining & Petrochemical Company (SATORP)

Loan description

2019 $2.245 billion USD syndicated loan for the SATORP Refinery 2019 Refinancing Project in Saudi Arabia

Interest type•UnknownMaturity•9.5 years

Narrative

Full Description

Project narrative

On December 5, 2019, a syndicate of 23 banks — including the Bank of China (BOC) and the Industrial and Commercial Bank of China (ICBC) — signed a $2.245 billion USD syndicated loan agreement with Saudi Aramco & Total Refining & Petrochemical Company (SATORP) — a special purpose vehicle and joint venture owned by Saudi Aramco (62.5% equity equity stake) and Total S.A. (37.5% equity stake) — for the SATORP Refinery 2019 Refinancing Project. This loan carried a maturity period of nine years and six months (9.5 years) and a final maturity date of June 9, 2029, and was divided into three tranches: a $1.325 billion USD commercial loan tranche, a $147.25 million USD wakala loan tranche (an Islamic facility), and a $772.75 million USD ijara loan tranche (an Islamic facility). The proceeds of the loan were to be used by the borrower for the refinancing of the Jubail refinery located near Jubail, Saudi Arabia, to reduce the cost of financing and extend the maturity of existing debt. In addition to BOC and ICBC, the following lenders contributed to the loan syndicate: Abu Dhabi Islamic Bank PSJC (ADIB), Al Rajhi Bank, Alinma Bank, Bank Albilad, Bank Aljazira, Bank of America Merrill Lynch (BAML), Banque Saudi Fransi (BSF), BNP Paribas S.A., Citibank N.A., Crédit Agricole, First Abu Dhabi Bank (FAB), HSBC Bank, Mizuho Bank, National Bank of Kuwait (NBK), National Commercial Bank (NCB), Natixis, Riyad Bank, Samba Financial Bank, Saudi British Bank (SABB), Sumitomo Mitsui Banking Corporation (SMBC), and Société Générale S.A. (SocGen). FAB was the facility agent. BOC, FAB, Mizuho, Natixis, Riyad, SABB, SMBC, ADIB, Al Rajhi, Alinma, BSF, NCB, and Samba served as bookrunners. 22 lenders, including BOC and ICBC, contributed $57.22 million USD to the $1.325 billion USD tranche, while SMBC contributed $66.25 million USD. Record ID#97580 captures BOC's contribution. Record ID#97581 captures ICBC's contribution. 22 lenders, including BOC and ICBC, contributed $6.36 million USD to the $147.25 million USD wakala loan tranche, while SMBC contributed $7.36 million USD. Record ID#97582 captures BOC's contribution. Record ID#97583 captures ICBC's contribution. 22 lenders, including BOC and ICBC, contributed $33.37 million USD to the $772.75 million USD ijara loan tranche, while SMBC contributed $38.64 million USD. Record ID#97584 captures BOC's contribution. Record ID#97585 captures ICBC's contribution.