ANNOUNCEMENT 25 Jun 2010

In June 2010, several countries announced a change in its trade finance instruments.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising
Inception date: 25 Jun 2010 | Removal date: open ended

Trade finance

 On 25 June 2010, the French company Total announced that it had secured financing of 8.5 billion USD for a petroleum project in the Saudi city of Jubail. The project is conducted in a joint venture with the Saudi state-owned company Aramco (Saudi participation 67.5%, Total 32.5%). It shall produce benzene, diesel, paraxylene and polymers of propylene. 
Out of the 8.5 billion USD, 4 billion USD were secured from export promotion agencies and a public investment fund. These included the French, German, Japanese, Korean and Spanish Eximbanks.
A state measure in the GTA database is assessed solely in terms of the extent to which its implementation affects the extent of discrimination against foreign commercial interests. On this metric, the state aid proposed here is discriminatory.
 

AFFECTED SECTORS