07 April 2008 11:33 [Source: ICIS news]
DUBAI (ICIS news)--Saudi-British Bank (SABB) said on Sunday it has increased a loan to the Saudi International Petrochemical Co (Sipchem) to $745m (€476.8m) for its acetyls project in Jubail as construction costs have risen.
Sipchem got the commitment of nine banks in the Middle East for a $564m loan in December 2006. SABB agreed to a higher loan when Sipchem tried to raise the amount late last year.
The bank didn’t disclose further information about the 12-month loan and its interest rate.
Sipchem could not be immediately reached for comment.
Sipchem has already spent $800m on the acetyls project which is 60% completed.
The project will include a 460,000 tonne/year acetic acid unit, a 330,000 tonne/year vinyl acetate monomer (VAM) plant and a 345,000 tonne/year carbon monoxide unit. All three plants are expected to be operational in the first quarter of 2009.
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