Sadara Chemical Company has signed a loan package for the US$19.3bn petrochemical complex it is currently building in Saudi Arabia
The joint venture between Saudi Aramco and Dow Chemical Company has raised around US$12.5bn loan from banks, export credit agencies and the state-owned public investment fund, as well as proceeds from an Islamic bond issue worth US$2bn.
The remaining cost will be met by the two partners, a company source said.
The facility, located at Jubail Industrial City in the Kingdom’s eastern province, will be the world’s largest chemical complex ever built in a single phase, Reuters reported.
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.
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