06/26/2013

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SAUDI ARABIA: Sadara Chemical secures $12.5-billion for $19.3-billion Jubail PC complex

Sadara is building what has been referred to as "the world's largest petrochemical complex ever built in a single phase.” The complex will produce more than 3-million t/y of petrochemicals. The financing package includes loans from banks, export credit agencies and Saudi Arabia's Public Investment Fund, as well as proceeds from an Islamic bond issue. Last year, Sadara received a $4.976-billion direct loan for the project from the U.S. Export-Import Bank.

"We are truly pleased to see the very strong and positive response to Sadara from local, regional and global financial and government institutions,” commented Luciano Poli, chief financial officer of Sadara. "We are on track to deliver first products as expected in 2015 with the complex in full operation in 2016.”

Source: Weekly "PetroChemical News", Durham, NC, USA; 24 June 2013

(Syed Rashid Ali, Karachi, Pakistan)

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