FINANCIAL NEWS

Saudi Sahara Petrochemical wins USD107m loan

14 Oct 2012

(MENAFN) Saudi Arabia-based Sahara Petrochemical Co. has won a three-year medium-term revolving credit facility of USD107 million, Reuters reported.

The company said in a statement on the Saudi bourse (Tadawul) it will use the cash to support both the company’s working capital and to aid future investments.

The company also reported a 55 percent decline in third-quarter profit to USD11.64 million from USD26 million a year earlier.

The Jubail-based producer makes basic petrochemicals including propylene, acrylic acid, ethylene, low and high-density polyethylene, caustic chlorine and ethylene dichloride.

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