Advanced Petrochemical to invest $1.6 B in three Saudi plants

(TradeArabia) - Advanced Petrochemical Company, based in Saudi Arabia, said that one of its subsidiary, Advanced Polyolefins Industry Company has signed several agreements worth $1.6 B to fund the construction of plants at Jubail Industrial City II.
 
The project includes a development of a propane dehydrogenation plant with a total annual capacity of 843,000 tons in addition to a polypropylene (800,000 tons) and a isopropanol facility (70,000 tons), per Trade Arabia.
 
The consortium members taking part in the funding include Alinma, Al Rajhi, Arab National Bank, Arab Petroleum Investments Corporation, Bank Albilad, Banque Saudi Fransi, Riyad Bank, Saudi British Bank and Saudi National Bank, according to the report.
 
The total credit facilities consist of a SR4.7 B base facility, SR438 MM standby facility, SR600 MM bridge Murabaha facility and SR356 MM VAT Murabaha facility, the article states.

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