Saudi Aramco, Petronas tap banks for jumbo financing

Petroliam Nasional Bhd (Petronas) and a consortium led by Japan's JXTG Holdings Inc are among the companies interested in buying a stake in India's Bina oil refinery, a source close to the matter said.

DUBAI/HONG KONG: Saudi Aramco and Petronas have approached banks to replace a short-term US$8bil loan raised earlier this year for a joint venture with long-term financing of approximately the same size, banking sources familiar with the matter said.

The two state energy companies borrowed US$8bil from a large consortium of international banks in March for a refinery and petrochemical joint venture in the southern Malaysian state of Johor.