PARIS,(Reuters) – Saudi Aramco and French oil major Total have agreed to invest $9.6 billion to build the 400,000 barrels per day Jubail refinery in Saudi Arabia, a source familiar with the situation said on Thursday.

“The SATORP board met in Paris on June 16 and decided to attribute the 13 remaining packages to build the Jubail refinery at a cost of $9.6 billion,” the source said.

SATORP is a joint venture between Saudi Aramco and Total.

“It is important to note that we are below the $10 billion level,” he said

Total and Saudi Aramco had delayed their investment decision to pressure contractors to lower their costs.