ADIB to provide financing of US$935 mln for Borouge 3 project for Hyundai

27-Oct-10

Abu Dhabi Islamic Bank (ADIB) is to provide financing facilities to Hyundai Engineering & Construction Co., Ltd. (HDEC) for the newly awarded Borouge 3 expansion project. The expansion will more than double Borouge's production capacity to over 4.5 million tones per year by 2013, making it the largest integrated polyolefin site in the world. The financing agreement was signed by Hae Joo Lee, Vice President & General Manager of HDEC and Tirad Mahmoud, Chief Executive Officer of ADIB. Tirad Mahmoud said, “Borouge is a jewel in the crown of the Abu Dhabi manufacturing sector and the emirate is rightly proud of it. HDEC is one of the largest EPC Contractors worldwide that have a long existence in UAE and have performed many strategic projects in the region. ADIB adds this to its many other financing deals this year that have aided the expansion and development of Abu Dhabi and we will continue to do so in future.”