Saudi Basic Industries Corporation (Sabic) has denied that there will be any delay in arranging Al Kayan debt.

Referring to an article in Middle East Economic Digest (MEED) magazine titled, “SABIC Delays Al-Kayan Debt”, a Sabic statement today said it would like to confirm that there will be no delay, contrary to what was reported in the article.

All loan arrangements are well underway and as scheduled.

It said: “The statements contained within the article are untrue and should be ignored.”

Al Kayan is developing a world scale petrochemical complex in Al Jubail, which will produce 1.35 million tonnes per year (mtpa) of ethylene and 2.6 mtpa of finished products (including polyethylene, polypropylene, ethylene glycol, polycarbonates and amines), from feedstock of ethane and mixed butanes allocated by Saudi Aramco for the project in late 2003.

It will be the largest single private sector petrochemical project in the kingdom and the first plant in the Middle East producing polycarbonates, a fast growing market.