Saudi's PIF loans Riyal 1.35bn to Chevron aromatics project

30 September 2002 04:58  [Source: ICIS news]

SINGAPORE (CNI)--Saudi Arabia's Public Investments Fund (PIF) has agreed to grant a Riyal 1.35bn ($359.97m/Euro366.21m) loan to Chevron Phillips Chemical's joint venture aromatics project in Al-Jubail, according to the Saudi Press Agency.

Chevron and its local partner Saudi Industrial Investment Group (SIIG) plan to build an aromatics facility which will produce benzene, styrene monomer (SM), ethylbenzene and propylene.

The project, which will be built at the existing aromatics complex of Chevron and SIIG, is expected to produce 600-700 000 tonne/year of SM. The companies have declined to reveal the specific capacities of the other units.

The project is estimated to cost $1bn, with startup scheduled for 2006.

The two companies received licences for operating the project from the Saudi Arabian General Investment Authority in April.

The joint venture partners' existing aromatics complex is currently producing benzene, cyclohexane and gasoline.

PIF was established with the objective of providing financing for projects which the private sector lacked the the ability to under take alone, either because of insufficient experience or inadequate capital or both. The projects funded by PIF must contribute significantly to the development of the Saudi economy.

By: Clara Tan
+65 6780 4359

< previous article(ICIS Podcast: Chemical News Central 2 November 2009)

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly