Saudi’s SAMAPCO secures $528m funding for petchem project

29 November 2012 08:51  [Source: ICIS news]

SINGAPORE (ICIS)--Saudi Arabia’s Sahara & Ma’aden Petrochemicals Co (SAMAPCO) has secured Saudi riyal (SR) 1.98bn ($528m) in 15-year financing to fund its petrochemical project in Jubail, its parent firm Sahara Petrochemicals said late on Wednesday.

Banque Saudi Fransi, Riyad Bank and The Saudi British Bank have agreed to provide Islamic commercial financing for the building of ethylene dichloride (EDC) and caustic soda facilities at Jubail Industrial City, Sahara said in a filing to the Saudi Stock Exchange.

“The financing is for a period of 15 years with unequal semi-annual instalments commencing after the completion of the project,” the company said.

The project consists of a 250,000 tonne/year caustic soda plant and a 300,000 tonne/year EDC facility.

SAMAPCO is a 50:50 joint venture between Sahara Petrochemicals and Saudi Arabian Mining Co (Ma’aden).

($1 = SR3.75)

By: Pearl Bantillo
+65 6780 4359

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