Natpet gets nod from the Saudi Public Investment Fund (PIF) for additional US$75 mln loan

Saudi Alujain’ subsidiary, National Petrochemical Company (Natpet), has received nod of approval from the Saudi Public Investment Fund (PIF) to procure additional financial loan of US$75 mln to finance its propylene and polypropylene complex located in Yanbu. The loan will be used to finance the added costs due to the delay of the construction of feedstock propylene plant. The project has earlier received a loan of US$125 mln last year from the PIF. The polypropylene (PP) plant has been commissioned in December 2008, exceeding the designed capacity reaching 120%. Commissioning of the propylene plant has reached 96% of the designed capacity at the plant with capacity to produce 400,000 tpa propylene and 400,000 tpa of polypropylene.
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