PetroRabigh’s expansion project delayed for 9 months
Due to the delay, total costs of the project rose by 1 billion riyals ($266.4 million) to 31 billion riyals ($8.3 billion). PetroRabigh had already signed a loan agreement worth around 19.4 billion riyals ($5.2 billion) for the expansion project. The company reportedly will borrow 7.5 billion riyals ($2 billion) from the Japan Bank for International Cooperation and 4.9 billion riyals ($1.30 billion) from Saudi Arabia’s state-owned Public Investment Fund.
Under the Phase II expansion project, the company will expand its existing ethane cracker’s capacity and build a new aromatics complex, which is set to process more than 2.7 million tons/year of naphtha to make petrochemical products. The ethane cracker expansion is now slated to be completed in the first quarter of this year.
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