The world’s largest oil company, Saudi Aramco, issued its first project bond last month, raising SR3.75 billion ($1 billion) through an Islamic deal for the oil firm’s majority-owned refining joint venture with French energy firm Total.
The 400,000-barrel-a-day refinery at the Saudi industrial port of Jubail is still in its $14 billion construction phase. So the bond is the world’s first sukuk (Islamic bond) for an uncompleted, so greenfield, project. It is also the first project sukuk in the Middle East, where project finance is increasingly important to banks’ revenues………………………………………..Full Article: Source