Sahara gets finance from Saudi bank EDC caustic soda projects

Sahara gets finance from Saudi bank for EDC and caustic soda projects

9:42 AM, 30th November 2012
Sahara gets finance from Saudi bank for EDC and caustic soda projects

JUBAIL, SAUDI ARABIA: Sahara & Maaden Petrochemicals Company (SAMAPCO), an affiliate of Sahara Petrochemicals Company, has signed financing agreements for a total amount of SAR 1980.75 million ($528.2 million). The agreements were signed with three Saudi banks - Banque Saudi Fransi, Riyad Bank and The Saudi British Bank, to provide Islamic commercial financing for the development of SAMAPCOs ethylene dichloride (EDC) and caustic soda petrochemical project located in Jubail Industrial City.

The financing is for a period of 15 years with unequal semi-annual installments commencing after the completion of the project. Promissory Notes were provided to effect payments due as per the agreements.

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