Saudi Aramco Total Refining & Petrochemical Co. (SATORP) plans to borrow SAR 2 billion from the Saudi Industrial Development Fund (SIDF) on June 15 following a finance deal in February, the company said in a statement to Tadawul on Wednesday.

Loans will be used for partial early payment of the company’s outstanding commercial bank facilities, which should reduce its overall cost of borrowing.

SATORP will pay off the loans over 7.5 years, with the last installment set for Sept. 11, 2022.

The company is 62.5 percent owned by Saudi Arabian Oil Co. (Saudi Aramco), while Total Saudi Arabia holds a 37.5 percent stake.

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