Sahara Petrochemicals Co. affiliate inks financing agreement with SIDF for SR 300 mln

08-Feb-12
Sahara Petrochemicals Company announces that one of TSOCs affiliates, Saudi Acrylic Monomers Company Limited (SAMCO), inked on Sunday 5th February, 2012 a financing agreement with Saudi Industrial Development Fund (SIDF) with a value of SR 600 million. This financing amount shall be repaid after three and a half years from the date of signing the agreement on a half-yearly installments basis for ten years with an ascending value ranging between SR 35 to 55 million according to the project future revenues. The target of this agreement is to finance the construction activities of a plant producing 145KTPA of raw acrylic acid, 145KTPA of acrylic butyl and 85KTPA of pure acrylic acid. This plant shall supply the Super Absorbent Polymers (SAP) project , which was declared earlier on 20 August 2011 , with the necessary feedstock. The plants ownership structure shall be 75% for Saudi Acrylic Acid Company (SAAC) and 25% for DOW Chemicals.
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