US bank sanctions US$5 billion loan for Jubail complex

Jubail-wikiExport-Import Bank of the United States (Ex-Im Bank) has approved a US$5bn loan to Sadara Chemical Company for the export of US-made goods and services required for the construction of a petrochemical complex in Jubail, Saudi Arabia

The loan to the Sadara Chemical Company is the biggest in the bank's history and "will support more than 18,000 American jobs across 13 states", Ex-Im Bank president Fred Hochberg said in statement.

It will allow Sadara to buy goods and services from approximately 70 American exporters, including KBR, ABB Inc, the Dow Chemical Company and more than 20 small businesses, the bank said.

The complex is expected to be operational in 2016 and will consist of 26 processing units producing more than three million metric tonnes of 10 major categories of chemical products and specialty plastics per year.

Government export credit agencies in Britain, Germany, France and South Korea are also helping to finance construction of the complex.

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