Saudi Kayan Petrochemical secures US$6 bln financing

After successfully acquiring a US$533 mln loan from a state-owned fund, Saudi Kayan Petrochemical Co has secured US$6 bln financing, an agreement for which has been signed with the Saudi Industrial Development Fund. Earlier, in May, the company signed a loan agreement with a group of banks, including ABN AMRO, Bahrain's Arab Banking Corp, France's BNP Paribas SA and HSBC Holdings Plc. This completes the financing requirements for the project. Commercial production is estimated to commence in Q4-2010 at the project planned with production capacity of 6 mln tpa petrochemicals including ethylene, propylene and ethylene glycol.
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