Oct 10 2011 |
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Dow Chemical Asks Saudi's PIF For $2B Bridge Loan For Sadara JV -TV
Monday, Oct 10, 2011
(This story was originally published Sunday)
DAMMAM, Saudi Arabia (Zawya Dow Jones)-- Dow Chemical Co. (DOW) has asked the Saudi government's Public Investment Fund , or PIF , for a $2 billion bridge loan on its $20 billion joint-venture petrochemical project with Saudi Arabian Oil Co., Al Arabiya television reports Sunday, citing the kingdom's finance minister.
Ibrahim Al Assaf told the Dubai-based channel that Dow Chemical had asked the PIF , which is part of the finance ministry, for the loan until it borrows from the markets to finance the project, one of the world's largest chemicals plants to be built in the oil-rich kingdom's Eastern Province on the Persian Gulf coast.
Aramco Chief Executive Officer Khalid Al Falih told a press conference Saturday that the joint-venture partners were looking into various options for the project's debt portion, including accessing export credit agencies, the PIF , as well as the commercial market, and bond and sukuk, or Islamic bond issues.
Sadara will produce polyeurethanes, propylene oxide, propylene glycol, elastomers, linear low-density polyethylene, low density polyethylene, glycol ethers and amines.
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
10-10-11 0344GMT
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