Saudi Hollandi bank's US$195 mln Islamic loan to finance Arabian Amines Co in Jubail

04-Aug-08

Texas-based petrochemicals maker, Huntsman Corp and Saudi-based global industrial and investment conglomerate, Al-Zamil Group have raised US$195 mln through Saudi Hollandi Bank's Islamic loan to finance the Arabian Amines Co project, a petrochemical plant in Saudi Arabia. With a view to strengthen the petrochem sector in Saudi Arbaia, the Arabian Amines Company aims to be one of the leading derivatives petrochemicals players in the region by being innovative and setting the standards for the market. As per the Saudi Hollandi Bank official, the deal includes both murabaha and ijara tranches. The funds will be used to fund US$289 mln Arabian Amines Co project having a capacity of 27,215 tpa ethyleneamine plant in Jubail Industrial City on Saudi Arabia's eastern coast.