03 June 2013 21:30 [Source: ICIS news]
HOUSTON (ICIS)--Saudi International Petrochemical (Sipchem) announced on Monday that it signed a loan agreement with a government programme to help fund the construction of a 63,000 tonne/year polybutylene terephthalate (PBT) plant in Jubail in Saudi Arabia.
The Saudi Industrial Development Fund (SIDF) is providing Sipchem with a 10-year loan of Saudi riyal (SR) 257.5m ($68.7m, €52.9m).
The cost of the project in Jubail Industrial City is estimated at SR617m, and the remaining cost will be funded by shareholders and banks, Sipchem said.
The plant is scheduled to start up at the end of 2014.
PBT is used in the automotive industry, as well as electrical, electronics and information technology materials.
($1 = SR3.75, $1 = €0.77)
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