Saudi Kayan Petrochemical Company (Saudi Kayan-An affiliate of SABIC), has entered into a US$6 bln (SR 22.5 bln) financing arrangements for 15 years with a group of banks and financial institutions to finance part of the cost of its new complex in Jubail Industrial City. The complex will be the world's largest integrated petrochemical complex, is currently under construction, and is expected to go on-stream in Q4-2010 with a total capacity of approximately 6 million tpa of several petrochemical products including ethylene, propylene, polyethylene, polypropylene and ethylene glycol. Several specialized products, including include aminoethanols, aminomethyls, dimethylformamide, dimethylethanol, dimethylethanolamine, ethoxylates, polycarbonate and acetone will be produced locally for the first time in the country at the complex.
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 financing the project. Al Rajhi Banking & Investment Corporation is providing an Islamic working capital facility. SABIC holds 35% stake in Saudi Kayan, Al Kayan Petrochemical Company, holds 20% stake and the balance 45% stake has been placed among Saudi shareholders following an initial public offering (IPO) last year.
03-Jun-08 
{{comment.DateTimeStampDisplay}}
{{comment.Comments}}