Saudi Ethylene and Polyethylene Company (SEPC), a joint-venture partly owned by Saudi-listed National Industrialisation Company (Tasnee), has secured a loan worth SAR 1.7 billion ($453.3 million) from Bank Albilad.

The Murabaha financing will be used to fund the JV firm’s ethylene cracker expansion project, Tasnee confirmed on Monday.

SEPC is a joint venture between Tasnee Sahara Olefins Company (TSOC), of which Tasnee owns 60 %, and LyondellBasell.

The financing deal will run for 12 years and includes a two-year grace period before repayments start.

(Editing by Seban Scaria seban.scaria@lseg.com)