FINANCIAL NEWS

Saudi Tasnee, Sahara obtain USD1.36b loan to fund new plants

09 May 2012

(MENAFN) National Industrialization Co. (Tasnee) announced that it will get a USD1.36 billion loan along with Sahara Petrochemical Co. to finance the development of 3 new plants, reported Arab News.

The company said that the complex, which will include Saudi Acrylic Monomer Company, Saudi Acrylic Acid Co. and Saudi Superabsorbent Polymers Co., will be located in Jubail Industrial City on Saudi’s Gulf coast.

It added that operations at the complex will be expected to begin in 2013’s first quarter.

It is worth noting that the 16-year loan was syndicated among 9 local banks.

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