Sumitomo Chemical expects project finance approval for Rabigh II in H1-2014

29-Nov-13
Sumitomo Chemical Co. Ltd. expects to win project finance approval for the US$7 bln expansion of a petrochemical project in Saudi Arabia in H1-2014 despite a series of problems at the existing complex. “The Rabigh II plan is on track with an aim to start operation in 2016. The total investment plan of US$7 billion is unchanged,” Sumitomo Chemical President Masakazu Tokura told a news conference, adding “Until the project finance is ready, parents companies will be providing money needed to proceed with the Rabigh II project.” PetroRabigh, a JV between Sumitomo Chemical And Saudi Aramco, has annual output capacity of 18 mln tons of refined products and 2.4 mln tons of petrochemicals. Part of the construction for the second phase of the project had already begun. Under Rabigh II, an existing ethane cracker will be expanded and a new aromatics complex will be built using around 3 mln tpa of naphtha to make higher-value petrochemical products. The two parent companies will make a planned capital injection of about 100 billion yen (US$986.19 mln) each in PetroRabigh either next year or in 2015.
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