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FINANCIAL NEWS
Saudi Sadara wins USD5b loan approval from US Ex-Im Bank
29 Sep 2012
(MENAFN) Sadara Chemical Company, a joint venture between Saudi Aramco and Dow Chemical Co, has won approval for USD4.98 billion loan from the US Export-Import Bank, Saudi Gazette reported.
Ex-Im Bank President Fred Hochberg said that the loan, aimed to build a petrochemical complex in Saudi Arabia, is the biggest in the history of the lender and will support more than 18,000 American jobs across 13 states.
Approximately 70 companies including Dow, KBR, ABB Inc and more than 20 small businesses are expected to export US goods and services to the facility in Jubail Industrial City II under the loan, the bank said in a statement.
The, scheduled to run in 2016, will comprise of 26 processing units producing more than 3 million metric tons of 10 major categories of chemical products and specialty plastics per year, the bank added.
Government export credit agencies in Britain, Germany, France and South Korea are also helping to finance construction of the complex.
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