Jubail United Petrochemical Company (UNITED), an affiliate of Saudi Basic Industries Corporation (SABIC), completed the signing of a SR4.33 billion (US$1.154 billion) loan facility for the construction of its manufacturing plants, which are currently being built at its site in Al-Jubail Industrial City.
The loan was today formally signed by a group of regional and international banks. The Saudi Public Investment Fund is providing an additional SR1.5 billion (US $400 million). Riyadh Bank acted as agent for the loan, and Gulf International Bank B.S.C. acted as independent financial advisor.
UNITED is the 17th and latest SABIC affiliate in Saudi Arabia, and is due to commence production in the second half of year 2004. It will have annual production capacity of 1 million tons of ethylene, 575,000 tons of ethylene glycol, and 150,000 tons of linear alpha olefins.
The company also has a 50% stake in an 800,000 mt/y polyethylene plant which is under construction at the neighbouring SABIC affiliate in Jubail, PETROKEMYA (Arabian Petrochemical Company).
Source: SPA
