Saudi refinery finance complete in Jan - Total
* Total says looking to the dollar, Islamic bond issuance
LONDON Nov 18 (Reuters) - The financing of a $12.8 million new oil refinery in Saudi Arabia, a joint venture between state run Saudi Aramco and French Total (TOTF.PA) will be completed early next year, a senior Total official said on Wednesday.
The Jubail oil refinery will be funded through 65 percent debt and 35 percent equity. The total financing is expected to be $8 billion.
"We will try to have financial closure of this huge project finance scheme by the end of January of next year," Jean-Jacques Mosconi, Total's senior vice president of strategy, told an oil industry conference.
He said they were considering issuing U.S. dollar and Islamic bonds to fund the project. In October, banking sources said Saudi Aramco and Total (TOTF.PA) received bids from more than 30 banks to finance the refinery. The bank financing was almost 80 percent oversubscribed. [ID:nLD689831]
The 400,000 barrels per day (bpd) refinery will be commissioned end-2012 and come online in March 2013.
Currently, Aramco has a 62.5 percent stake in the project and Total the rest.
(Reporting by Emma Farge, writing by Ikuko Kurahone; Editing by Keiron Henderson)
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