Rabigh Refining and Petrochemical Co. - a petrochemical joint venture between Sumitomo Chemical Co Ltd and Saudi Aramco will borrow US$5.8 bln from a syndicate of 19 banks. The lenders include Sumitomo Mitsui Banking Corp, Mizuho Corporate Bank, Bank of Tokyo-Mitsubishi UFJ, Sumitomo Trust & Banking Co and 13 other banks.
Sumitomo Chemical almost doubled the project's budget last summer from US$4.3 bln to US$8.5 bln because of the rising cost of construction materials. And with numerous resource development projects vying for scarce construction services, the project costs rose to US$9.8 bln.
03-Mar-06 
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