PetroRabigh signs loan deal for petchem 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.
In September, 2014 the company had released a request for proposals to a group of international, regional and local banks in order to provide financing for Petro Rabigh phase II expansion project which is to be built as an expansion of PetroRabigh’s existing petrochemical plant located on Saudi Arabia’s Red Sea coast. The company’s existing plant is able to produce 18 million tons/year of refined products and 2.4 million tons/year of petrochemical products.
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