30 December 2009 16:37 [Source: ICIS news]
HOUSTON (ICIS news)--SABIC did not immediately comment on Wednesday on an agreement signed with Saudi Arabia’s Public Investment Fund (PIF) for its first private bond placement in which it plans to raise Saudi riyal (SR) 10bn ($2.67bn, €1.87m).
The bonds will have seven-year maturities, and will help “raise financing performance, boost competitiveness and contribute to achieve the company’s expansion strategy,” the Saudi Arabia-based international petrochemicals and plastics major said in a statement.
The company is seeking to triple its petrochemical output to 130m tons/year by 2020 through the building of additional plants as well as acquisitions due to anticipated higher demand for its products, according to reports.
The PIF offers funding for commercial projects and play a significant role in developing the ?xml:namespace>
($1 = SR3.75, $1 = €0.70)
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.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections