Saudi Aramco has approached banks to finance its $5 billion Amiral petrochemical project that the state-owned oil producer plans to develop with France’s Total, five sources familiar with the matter said. Aramco, the world’s largest crude producer, plans to boost investment in refining and petrochemicals in a bid to cut reliance on crude as demand for oil slows. Plans for the giant Amiral petrochemical complex in the Saudi city of Jubail were announced in April. It will be located next to the Satorp refinery, which is also jointly owned and operated by Aramco and Total. Aramco has asked banks to pitch for a financial advisory role and to provide indicative commitments for the financing, two of the sources said. Aramco and Total […]