Saudi Kayan Petrochemical has secured a SAR4.5 bln (US$1.2 bln) loan from National Commercial Bank to finance part of the cost of its Jubail petrochemicals complex. The seven-year loan is guaranteed by Saudi Basic Industries (SABIC), holding 35% stake in Kayan. 45% of the capital has been offered for public subscription at a value of SAR 10 per share and Kayan holds the remaining 20%.
The complex will have an annual production capacity exceeding 4 mln tons of petrochemical and chemical products. The company announced the start-up of trail operations of the ethylene glycol and polypropylene plants at its complex at Jubail Industrial City as of August 4.