Saudi-based Advanced Petrochemical Company has announced that one of its subsidiary, Advanced Polyolefins Industry Company (APOC), has signed several sharia-compliant facility agreements with a consortium of financial institutions worth SR6.1 billion ($1.62 billion) to fund the construction of the plants at Jubail Industrial City II.

The scope of work includes development of a propane dehydrogenation plant with a total annual capacity of 843,000 tonnes in addition to a polypropylene (800,000 tonnes) and a isopropanol facility (70,000 tonnes), said Advanced Petrochemical Company in its filing to Saudi bourse Tadawul.

The consortium members taking part in the funding include Alinma, Al Rajhi, Arab National Bank, Arab Petroleum Investments Corporation, Bank Albilad, Banque Saudi Fransi, Riyad Bank, Saudi British Bank and Saudi National Bank.

The total credit facilities consist of a SR4.7 billion base facility, SR438 million standby facility, SR600 million bridge Murabaha facility and SR356 million VAT Murabaha facility, it added.

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