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PetroRabigh signs loan deal for petchem expansion project

by ChemOrbis Editorial Team -
  • 17/03/2015 (11:51)
According to media reports, Saudi Arabia’s PetroRabigh, a joint venture between Saudi Aramco and Japan’s Sumitomo Chemical, has signed a loan agreement worth around 19.4 billion riyals ($5.2 billion) for the expansion project known as Rabigh Phase II. The total cost of the project is estimated at 30 billion riyals ($7.9 billion). The project is slated to come online in 2016.

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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