02/02/2015

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SAUDI ARABIA: Al Waha signs refinancing agreement; new loans provide better conditions

Al Waha has secured a total of SR 1.96-billion in financing from the two lenders. The earlier loans, signed with Arab Banking Corp., Bank Aljazira, Banque Saudi Fransi, Gulf International Bank, SABB and Saudi Hollandi Bank in 2006, were for SR 1.89-billion. Sahara Petrochemical explained that the purpose of the new financing "is to reflect the operational nature of Al Waha and replace the existing loans with more favorable margins and conditions." Al Waha operates a 467,000-t/y propylene facility and 450,000-t/y polypropylene plant in Jubail, Saudi Arabia. Source: Weekly "Petrochemical News", Durham, NC, USA; 26 Jan 2015
(Syed Rashid Ali, Karachi, Pakistan)  

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