Jun 02 2012
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Sipchem Unit Inks SAR1.4 Bln Loan To Help Fund Plant In Jubail
Saturday, Jun 02, 2012
RIYADH (Zawya Dow Jones)-- International Polymers Co ., an affiliate of Saudi International Petrochemical Co. (2310), or Sipchem , has signed for an Islamic loan of 1.4 billion Saudi riyals ($375 million) with four local banks to help finance a petrochemical plant now under construction in Jubail.
Riyad Bank, National Commercial Bank, Saudi Hollandi Bank and Saudi British Bank are providing the loan and bridge facilities, Sipchem said in a statement posted on the Saudi bourse website Saturday.
The loan, which is secured by sponsors guarantees until project completion, is repayable after 2.5 years in semi-annual installments, the statement added.
The plant, under construction at Jubail Industrial City in eastern Saudi Arabia, is expected to start in the second half of 2013.
-By Ellen Knickmeyer, Dow Jones Newswires, +966 1 279 5252,
Copyright (c) 2012 Dow Jones & Co.
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