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FINANCIAL NEWS
Saudi Sadara completes USD10.5 b project financing
01 Jul 2013
(MENAFN) Sadara Chemical Company, a joint venture between Saudi Aramco and Dow Chemical Company, has closed main financing for approximately USD10.5 billion project, Arab News reported.
The Sadara chemical complex in the Jubail Industrial City II, is the considered the world’s largest to be built in a single phase.
The main financing adds to the USD2 billion raised through a sukuk issuance in April, totaling nearly USD12.5 billion raised for Sadara project, marking the largest project financing ever in the Middle East.
The complex, which includes 26 world scale manufacturing units, will be using refinery liquids, such as naphtha, as feedstock to enable many industries that either currently do not exist in Saudi Arabia or only exist through raw material imports.
Sadara is on track to deliver its first products in the second half of 2015, with the complex in full operation by 2016.
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