DUBAI, Oct 2 (Reuters) - Saudi Arabian chemicals and metals conglomerate National Industrialisation Co (Tasnee) said on Sunday that a subsidiary had obtained 6.96 billion riyals ($1.86 billion) of financing from banks.

The deal, which includes some Islamic finance elements in the form of syndicated murabaha and bai ajel agreements, refinances existing debt to strengthen the capital structure and support the growth of National Titanium Dioxide Co (Cristal), Tasnee said.

The deal has a bullet repayment provision at the end of the third year with an option for Cristal to extend for an additional two years if conditions are met, Tasnee said without giving pricing details.

(Reporting by Andrew Torchia. Editing by Jane Merriman) ((; +9715 6681 7277; Reuters Messaging: