Saudi Basic Industries Corp (Sabic) has secured a financing package worth SR13.1 billion ($3.5 billion) for its subsidiary Yansab, expected to start production by the Q2-2008. The package encompasses loans and financing facilities from 19 regional and international banks (including HSBC, Citigroup, ABN Amro, BNP-Paribas, Gulf Investment Bank and Arab Banking Corporation) as well as European export guarantee agencies (SR2.6 billion) and the Saudi state-owned Public Investment Fund (PIF- SR4 billion). Yansab, or Yanbu National Petrochemicals Company, raised $525 million in an IPO in December which was nearly twice oversubscribed.
The company projects investments of $5 billion to produce 4.0 million tonnes of petrochemicals a year. Yansab, which has a paid-up capital of SR 5.6 billion, is 55% owned by Sabic, 35% by the public, and the balance 10% is held by 17 local and regional firms.
20-Jun-06 
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