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FINANCIAL NEWS
Sumitomo expects finance approval for USD7 billion project in KSA
29 Nov 2013
(MENAFN) Japan’s Sumitomo Chemical is expecting to secure project finance approval for a USD7 billion expansion of a petrochemical project in Saudi Arabia next year, Arab News reported.
PetroRabigh’s output is at 18 million tons of refined products and 2.4 million tons of petrochemicals.
Sumitomo Chemical President said: “The Rabigh II plan is on track with an aim to start operation in 2016. The total investment plan of $7 billion is unchanged.”
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