S Arabia’s PetroRabigh secures $5.2bn loan for project expansion

Nurluqman Suratman

18-Mar-2015

Petro RabighSINGAPORE (ICIS)–Rabigh Refining and Petrochemical (PetroRabigh) has secured loans totalling Saudi riyal (SR) 19.4bn ($5.2bn) for the expansion of its petrochemical complex in Rabigh, called Rabigh Phase II, which is expected to begin production in the first half of 2016, the Saudi Arabian producer said late on Tuesday.

The loans include SR7.5bn from the Japan Bank for International Cooperation (JBIC) and SR4.9bn from Saudi Arabian state-owned Public Investment Fund, with the balance derived  from a consortium of local and international institutions, Petro Rabigh said in a statement on the Saudi bourse, Tadawul.

The total budget for the Rabigh Phase II expansion project is now estimated at SR30bn, down from the SR32bn estimate in May 2014, but higher than the initial estimate of SR26.3bn.

Rabigh II will be able to produce 5m tonnes/year of petrochemicals and 15m tonnes/year of petroleum products.

The Rabigh II project includes expanding Petro Rabigh’s existing 1.3m tonne/year ethane cracker, as well as building a new aromatics complex using additional 30m standard cubic feet/day of ethane and about 3m tonnes/year of naphtha as feedstock.

($1 = SR3.75)

READ MORE

Global News + ICIS Chemical Business (ICB)

See the full picture, with unlimited access to ICIS chemicals news across all markets and regions, plus ICB, the industry-leading magazine for the chemicals industry.

Contact us

Now, more than ever, dynamic insights are key to navigating complex, volatile commodity markets. Access to expert insights on the latest industry developments and tracking market changes are vital in making sustainable business decisions.

Want to learn about how we can work together to bring you actionable insight and support your business decisions?

Need Help?

Need Help?