News – Saudi Arabia – 2010.06.26

Published: June 26, 2010

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ARABIALINK Daily News – SAUDI ARABIA – Excerpts from International Media Reports
[Links to full articles were active on the date posted here]

Economic Clash of Civilizations  [Jun 26]
“The G20 Summit that gets under way here amid unprecedented security on Saturday at the Metro Toronto Convention Center is being tipped by many as an economic clash of civilizations. Signs of deep rifts over how to quickly cut national deficits instead of continuing to stimulate them were visible among the global economic leaders.. ..Custodian of the Two Holy Mosques King Abdullah is already in Toronto to represent Saudi Arabia at the summit. Saudi membership of the G20 is in direct recognition of its position as the single largest oil exporter in the world, in addition to being a country with the largest oil reserves.  King Abdullah is representing the Arab and Islamic world at the summit, seeking to hold discussions with leaders on Arab and Islamic issues, especially the Palestinian cause, the future of the Arab-Israel peace process and Iran’s nuclear files, analysts here in Toronto underlined..”  [Complete Report]

Draft Law Sets Conditions for Saudi Women to Marry Foreigners  [Jun 26]
“The proposed new law governing the marriage of Saudi nationals to foreigners will permit Saudi women to marry non-Saudis born in the Kingdom to a Saudi mother or parents both of non-Saudi nationality, on the condition that prospective husbands have legal residence, birth certificates from the department of Civil Status, and have lived in the Kingdom for at least 15 years, sources have said.. ..The sources said that breaches of the law would be penalized with fines of up to SR100,000, barring the non-Saudi spouse from entering the Kingdom, and the annulment of residency status and deportation if the spouse is already present in the country.  The new laws are expected to replace rulings on marriage to non-Saudis dating back 38 years..”  [Complete Report]

Aramco-Total JV Secures $8.5b in Financing  [Jun 26]
“Saudi Aramco Total Refining and Petrochemical Co., which is 62.5 percent owned by Saudi Aramco and 37.5 percent owned by Total SA, signed the finance documents for $8.5 billion of senior project finance facilities that have been secured for the Jubail refinery.  French oil major Total and Saudi Aramco have completed an $8.5 billion financing for their joint refinery in the Kingdom, the companies said in a statement on Friday.  ‘Finances totaling $8.5 billion were secured from multiple sources including $4.01 billion from the Public Investment Fund and Export Credit Agencies (covered and direct), and $4.49 billion from commercial financial institutions.’  ‘The senior loan facilities have a tenor of 16 years with an all in pricing of 1.85 percent (above LIBOR) for the US dollar commercial and Export Credit Agencies (ECA) covered loan facilities,’ the statement said.. ..The financing has been very well received by a diverse group of local, regional and international banks, with commitments received for over $13.5 billion..”  [Complete Report]