SABIC was established by Royal Decree in 1976 (1396/97 AH) - its task being to set up and operate hydrocarbon and mineral-based industries in the Kingdom of Saudi Arabia. The Public Investment Fund provides long-term loans to SABIC on highly concessional terms. The balance of SABIC's capital requirements come from SABIC's joint venture partners. In addition, SABIC can make use of normal commercial loans. With these sources of finance, SABIC is able to undertake industrial projects considerably in excess of its own authorized capital of 10,000 million Saudi Riyals.