Saudi Arabia's Ministry of Commerce and Industry said Wednesday it approved the establishment of the Jubail-based Arabian Total Aramco for Services Co. with a capital of 2 million Saudi riyals ($533,333).

The capital of the joint venture between state-giant Saudi Arabian Oil Co., or Saudi Aramco, and French oil major Total SA (TOT) is divided into 200,000 shares, with a nominal value of SAR10 a share, the ministry said in a statement posted on its Web site.

The founders have subscribed to all the shares of the firm, which has a 99-year duration from the date of the ministerial approval, it said.

The firm will execute construction, development, operation and project management contracts for Saudi Aramco Total Refining and Petrochemical Co., or Satorp, it added.

Copyright (c) 2010 Dow Jones & Co.