Saudi Kayan Petrochemical Company said on Saturday it had signed a $6 billion loan agreement with a group of banks to partly finance its complex in Al-Jubail industrial zone.
ABN AMRO, Bahrain's Arab Banking Corporation, France's BNP Paribas SA, HSBC Holdings and Samba Financial Group will lead manage the 15-year loan agreement, it said in a statement on the bourse website.
Kayan is 35 per cent owned by state-controlled Saudi Basic Industries Corporation (Sabic). The Kayan project will start commercial production in the fourth quarter of 2010, Sabic chief financial officer Mutlaq Al-Morished said in the statement.
A banker told Reuters in November that Kayan was raising $4 billion in loans and export credits, including as much as $2 billion through debt that complies with Islamic law.-Reuters