Saudi Aramco and France's Total have picked three banks to arrange an Islamic bond (sukuk), to finance their joint venture in the kingdom, according to a statement on Tuesday.

Deutsche Securities Saudi Arabia, Samba Capital and Saudi Fransi Capital were appointed joint lead managers and joint bookrunners for the sukuk which will finance the Jubail refinery project.

The total size of the sukuk - open only to Saudi nationals or those registered in the country -- was not disclosed but has been previously indicated at $1 billion.

The offering period begins on Sept 10 and will last for 16 days, the statement said. The sukuk will be issued by Saudi Aramco Total Refining and Petrochemical Co (Satorp), which got regulatory approval for the issue earlier this month.-Reuters