A Saudi Basic Industries Corp (Sabic) affiliate plans to raise $2.45 billion from banks to help finance the construction of a $10 billion chemical plant, two people familiar with the matter said.

Saudi Arabia's Al-Rajhi Banking & Investment Corp, a bank that complies with Islamic principles, will lend $650 million to Saudi Kayan Petrochemical Co, the sources said.

Other banks will lend the remainder, with agreement expected in November, they said.

Sabic owns 35 percent of Saudi Kayan.  -Reuters