01 July 2013 04:41 [Source: ICIS news]
SINGAPORE (ICIS)--Sadara Chemical said over the weekend of 29-30 June it has secured an additional $10.5bn (€8.1bn) for a new chemical complex it is currently building at Jubail Industrial City II in Saudi Arabia.
This latest round of funding supplements the $2bn Sadara has raised through a sukuk – an Islamic bond issue – in April this year, bringing the overall financing for the project up to about $12.5bn, the company said in a statement.
Sadara’s chemical complex will comprise 26 world-scale manufacturing units and will be the first in the Middle East to use refinery liquids, such as naphtha, as a feedstock, it said.
“Sadara is on track to deliver its first products in the second half of 2015, with the complex in full operation in 2016,” it added.
($1 = €0.77)
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