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Saudi Kayan in $6bn loan deal to fund plant

Riyadh, May 31, 2008

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




Tags: Saudi Kayan | loan deal | Al-Jubail |

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