Saudi petrochemical firm Alujain has secured a bank loan of over US$400 million to finance its first petrochemical plant - a polypropylene complex, out of the required $750 million for the project. The consortium of banks includes Saudi Fransi Bank, Samba and National Commercial Bank. This project has been in the pipeline since the 1990s and includes construction contracts worth about $500 million.
Alujain holds a 57% stake in the Yanbu-based plant which will produce 420,000 tpa of polypropylene, which will be sold to the giant Saudi Basic Industries Company (Sabic) and US Noble Resources firm.Engineering firm Lurgi, owned by German industrial firm GEA Group, and Italy's Tecnimont are involved in the construction of the plant.
20-Feb-06 
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