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FinancialNews


  • 03-04-13

    Saudi Sadara to use USD2b sukuk sale proceeds to fund petchem project

    (MENAFN) Saudi Sadara Chemical Co announced that it managed to raise USD2 billion from a sukuk sale aimed at financing a petrochemical complex in the country, reported Arabian Business. Sadara, which is a joint venture between Saudi Aramco and Dow Chemical, added that the sale is part of a USD12.5 billion debt to finance the establishment of the project, situated at Jubail Industrial City in the Kingdom's Eastern Province. It said that the USD19.3-billion complex is slated for completion in 2016, and would have an annual output capacity of over 3 million tons of petrochemicals. It is worth noting that the sukuk was priced at 95 basis points over the 6-month Saudi interbank offered rate (Saibor), and was 2.6-times covered.

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