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FINANCIAL NEWS
Saudi Tasnee, Sahara ink USD1.39b financing deal
22 Dec 2011
(MENAFN) Saudi National Industrialization Co. (Tasnee) and Sahara Petrochemical Co. said that they inked a USD1.39 billion financing contract with 9 Saudi banks, reported Arab News.
The companies added that the deal, which was signed for 16 years, aimed at financing the firms’ joint ventures that included Saudi Acrylic Acid Co., Saudi Acrylic Monomers Co. and Saudi Polyolefins Co.
They also said that the two companies inked deals to launch engineering, procurement, and early construction works at their USD1.07 billion acrylic acid project, which had an annual output capacity of 145,000 MT of crude acrylic acid, 145,000 tons of butyl acrylate, and 85,000 tons of pure acrylic acid.
It is worth noting that Tasnee has a 52.3 percent stake in Saudi Acrylic Acid Co., whereas Sahara has 43.16 percent of its shares, on the other hand, Tasnee has a 39.2 percent stake in Saudi Acrylic Monomers Co. and Saudi Polyolefins Co. while Sahara has 32.37 stakes in the companies.
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