18 March 2013 02:36 [Source: ICIS news]
SINGAPORE (ICIS)--Sadara Chemical Co has launched an Islamic bond sale, which will be used to finance a world-scale integrated chemicals complex at Jubail Industrial City II in Saudi Arabia, the company said over the weekend.
“The proceeds of the sukuk (Islamic bond) issuance will be used to provide finance for the construction and delivery of a part of the Sadara complex,” the company said in a statement.
The bond sale could raise at least $1.4bn (€1.1bn), according to media reports.
The total offering size and value of the Islamic bond will be determined at a later stage by Sadara, the company said.
Sadara Chemical is a joint venture (JV) between Saudi Aramco and US firm Dow Chemical.
Once completed, the complex is expected to be one of the world’s largest integrated chemical facilities and the largest ever built in a single phase, according to Sadara.
The first production units are expected to come on line in the second half of 2015, with all 26 production units coming on stream in 2016, it added.
($1 = €0.77)
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