DUBAI, Aug 29 (Reuters) - Saudi Arabia's Methanol Chemicals Co 2001.SE (Chemanol) has refinanced total sharia-compliant debts worth 636.7 million riyals ($169.8 million), according to a bourse statement on Monday.

* Refinancing includes 327.7 million riyal balance from an 832 million riyal Islamic loan signed in 2011, as well as a 309 million riyal bilateral facility.

* New murabaha has a higher profit rate than existing debts. Repayments to be made in 10 semi-annual instalments starting June 28, 2018, concluding on Dec. 31, 2022.

* The refinancing will support the company's current financial position as well as future strategic objectives, according to Chief Executive Saud bin Abdullah al-Sanea.

* A murabaha is a cost-plus-profit arrangement which complies with Islamic finance principles.

* Banks providing the cash are Saudi British Bank, Samba Financial Group, Riyad Bank and Gulf International Bank.

($1 = 3.7499 riyals)

(Reporting by David French; Editing by Gopakumar Warrier) ((davidj.french@thomsonreuters.com; +971 4 362 5864; Reuters Messaging: davidj.french.thomsonreuters.com@reuters.net))