FINANCIAL NEWS

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.

More News

This website uses cookies to ensure you get the best experience and by clicking “I Accept” below, you consent to the use of cookies. Learn more