Tasnee takes up $480m loan for Saudi projects

08 May 2008 08:16  [Source: ICIS news]

DUBAI (ICIS news)--National Industrialisation Co (Tasnee) has signed a Saudi riyals (SR) 1.8bn ($480.6m) loan deal with Riyadh Bank and Banque Saudi Fransi to fund its upcoming expansion projects, the company said on Thursday.

 

The company aimed to strengthen its position in the global petrochemicals sector, it said.

 

Riyadh Bank will provide SR1.1bn of the loan, while Saudi-Fransi will supply SR700m, to be repaid within three years.

 

With regard to current expansion plans, Tasnee’s joint venture with Sahara Petrochemical - Saudi Ethylene and Polyethylene Co - plans to start up an ethane/propane-based cracker in July.

 

The facility which is currently being built in Al-Jubail, will have a capacity of 1m tonnes/year of ethylene and 285,000 tonnes/year of propylene.

 

Tasnee is also entering into petroleum refining and has placed a tender to take part in such a project in Jizan, Saudi Arabia.

 

($1 = SR3.75)

 

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By: Abdelghani Henni
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