In a bid to raise funds to finance construction of the world;s largest integrated petrochemical complex, Saudi Kayan Petrochemical Company-a SABIC affiliate, has entered into a US$6 bln financing arrangement. The SR 22.5 bln agreement for 15 years has been forayed with a group of banks and financial institutions for its new complex in Jubail Industrial City.
The financing package is diverse and includes local, regional, international, Islamic and export credit agency debt.
Saudi Kayan was advised by Arab Banking Corporation, BNP Paribas and Samba. The initial Mandated Lead Arrangers are ABN AMRO Bank N.V., Arab Banking Corporation, BNP Paribas, HSBC Bank plc and Samba Financial Group. The export credit agencies are ECGD, KEIC, K-EXIM and SACE. The Public Investment Fund of the Kingdom of Saudi Arabia is also providing finance to the Project. Al Rajhi Banking & Investment Corporation is providing an Islamic working capital facility.
The complex, where construction is underway, is expected to go on-stream in Q4-10, and is planned with total capacity of approximately 6 mln tpa of a range of petrochemicals including ethylene, propylene, polyethylene, polypropylene, ethylene glycol. Also included in its basket will be a series of specialized products that will be produced locally for the first time such as: aminoethanol, aminomethyl, ethoxylates, dimethylformamide, dimethylethanol, dimethylethanolamine, polycarbonate, acetone and others.
30-Sep-08 
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