Saudi Sadara to use USD2b sukuk sale proceeds to fund petchem project

03 Apr 2013

(MENAFN) Saudi Sadara Chemical Co announced that it managed to raise USD2 billion from a sukuk sale aimed at financing a petrochemical complex in the country, reported Arabian Business.

Sadara, which is a joint venture between Saudi Aramco and Dow Chemical, added that the sale is part of a USD12.5 billion debt to finance the establishment of the project, situated at Jubail Industrial City in the Kingdom’s Eastern Province.

It said that the USD19.3-billion complex is slated for completion in 2016, and would have an annual output capacity of over 3 million tons of petrochemicals.

It is worth noting that the sukuk was priced at 95 basis points over the 6-month Saudi interbank offered rate (Saibor), and was 2.6-times covered.

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