Saudi's Sadara achieves project completion date and advances to reprofile its debt

Sadara has satisfied all the requirements originally laid out in the project financing agreements with its lenders

  
Sadara Chemical Company (Sadara) has begun full commercial operations at its $20 billion complex at Jubail Industrial City II in Saudi Arabia's Eastern Province.

Sadara Chemical Company (Sadara) has begun full commercial operations at its $20 billion complex at Jubail Industrial City II in Saudi Arabia's Eastern Province.

Sadara/handout via Thomson Reuters Zawya

JUBAIL —Sadara Chemical Company (Sadara) continues to realize significant milestones for the company.

Most recently, Sadara announced that it has satisfied all the requirements originally laid out in the project financing agreements with its lenders and has therefore achieved the official Project Completion Date (PCD).

The PCD follows successful passing in December 2018 of the CRT or Creditors Reliability Test — a monitored exercise designed to show that Sadara’s 26-plant chemical complex is operating at full capacity.

Sadara was the first Saudi Aramco joint venture to pass the CRT on its initial attempt.

Sadara, has delivered on the all the project’s operational targets and now Sadara and its shareholders are working with lenders to reprofile its outstanding debt to achieve a sustainable capital structure

Sadara’s financial reprofiling will have no effect on company operations. — SG

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