Sipchem signs loan agreement with Public Investment Fund

Sipchem signs loan agreement with Public Investment Fund

6:04 AM, 14th June 2013
Sipchem signs loan agreement with Public Investment Fund

RIYADH, SAUDI ARABIA: International Polymers Company (IPC), an affiliate of Saudi International Petrochemical Company (Sipchem), has signed a financing agreement with Public Investment Fund (PIF). The loan of SR 704 million ($ 188 million) is repayable over 14 years in 26 semiannual and equal installments starting from December 2014. The loan is payable until 30 June 2027 and secured until project completion by order notes.

Purpose of the loan agreement

The purpose of this agreement is to support the project financing of a greenfield ethylene vinyl acetate (EVA) and low density poly ethylene (LDPE) plants in Jubail Industrial City. The plant with an annual production capacity of 200 thousand metric tonne, is expected to start operations from the third quarter of 2013.

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