Saudi Arabia’s International Methanol Co secures $87m 10-yr loan

29 July 2013 06:46  [Source: ICIS news]

SINGAPORE (ICIS)--The International Methanol Co (IMC) has secured a 10-year loan worth Saudi riyal (SR) 325m ($87m) from Riyad Bank, its part-owner Saudi International Petrochemical Co (Sipchem) said over the weekend.

IMC can increase the debt by up to SR200m to support new projects or for general corporate purpose, Sipchem said in a filing on the Saudi Stock Exchange.

No loan facility guarantees were provided by Sipchem and its partners in IMC, it said.

($1 = SR3.75)

By: Pearl Bantillo
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