Sumitomo and Saudi Aramco plan to raise US$3bln by IPO

Rabigh Refining and Petrochemical Co. (Petro Rabigh), a 50:50 venture of Sumitomo Chemical and state-owned Saudi Aramco had earlier estimated total operational costs at US$4.3 bln. These costs have been recalculated at US$9.8 bln on account of surging materials prices. Sumitomo Chemical Co. and Saudi Arabian Oil Co. (Saudi Aramco) plan to raise at least US$3 bln to finance its operations by means of an initial public offering (IPO) by the end of the year. The IPO, which would be the largest ever conducted in the Arabian Gulf States, is aimed at covering the remaining costs. The joint venture has already raised US$5.8 bln in loans from about 20 banks, including the Japan Bank for International Cooperation. Petro Rabigh is building one of the largest oil refining and petrochemical complexes in the world, with Saudi Aramco to supply crude oil and natural gas at relatively low prices. The venture will produce 1.3 million tpa of ethylene, 900,000 tpa of propylene, and 2.4 million tpa of petrochemical products such as polyethylene.
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