Saudi Arabia’s Advanced Petrochemical Co. announced on Wednesday that its subsidiary Advanced Polyolefins Industry Co. (APOC) has signed Islamic facility agreements worth 6.1 billion Saudi riyals ($1.6 billion) to fund the construction of three new plants at Jubail Industrial City II.

The funds would be used build an 843,000 tonnes per annum (tpa) Propane Dehydrogenation (PDH) plant; an 800,000 tpa Polypropylene (PP) plant and a 70,000 tpa Isopropanol plant, the company said in a stock exchange statement.

Participating banks include Alinma Bank; Al Rajhi Banking and Investment Corporation; Arab National Bank; Arab Petroleum Investments Corporation; Bank Albilad; Banque Saudi Fransi; Riyad Bank; The Saudi British Bank and The Saudi National Bank.

In March, APOC had signed a 3-billion-riyal ($799 million) loan agreement with the Saudi Industrial Development Fund (SIDF) to finance the construction of PDH and PP plants in Jubail Industrial City II.

(Writing by Senthil Palanisamy; Editing by Anoop Menon)