Sipchem affiliate signs Shariah compliant SR1.4 bln loan deal for petrochem project

Saudi International Petrochemical Company (Sipchem) affiliate, International Polymers Company (IPC), has signed a Shariah compliant SR1.4 bln (US$373 mln) loan deal with Saudi banks, Riyad Bank, National Commercial Bank, Saudi Hollandi Bank, and The Saudi British Bank. The loan was repayable over 2.5 years in semi-annual installments. The funds will support the project financing of a production plant currently being built in Jubail Industrial City. The plant, being built by GS Engineering & Construction Corporation of Korea, will have an annual production capacity of 200,000 tons of ethylene vinyl acetate (EVA) and low density poly ethylene (LDPE) with plant start-up scheduled in H2-2013.
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