Sahara Petrochemicals signs loan agreement with SIDF

Sahara Petrochemicals signs loan agreement with SIDF

10:50 PM, 5th February 2012
Sahara Petrochemicals signs loan agreement with SIDF

JUBAIL, SAUDI ARABIA: Sahara Petrochemicals announced that its affiliate, Saudi Acrylic Monomers Company Limited (SAMCO), signed a financing agreement with Saudi Industrial Development Fund (SIDF) with a value of SR 600 million (approximately $160 million). The total cost of the SAMCO project amounts at approximately SR 3800 million ($1013 million). The remaining financing amount shall be provided through the partners and commercial banks with which the commitment agreements were declared on 20 December 2011.

The target of this agreement is to finance the construction activities of a plant producing 145 kilo tonne per annum of raw acrylic acid, 145 kilo tonne per annum of acrylic butyl and 85 kilo tonne per annum of pure acrylic acid. This plant shall supply the super absorbent polymers (SAP) project, which was declared earlier on 20 August 2011, with the necessary feedstock. The plant’s ownership structure shall be 75 per cent for Saudi Acrylic Acid Company and 25 per cent for DOW Chemicals. The project shall avail 225 direct job opportunities which can be increased with the gradual expansion of the project.

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