17-06-2013
Sadara Chemical Company confirms completion of financing for petrochemical complex
Sadara Chemical Company today announced the signing of a number of definitive financing agreements for an additional funding of approximately US$10.5B, marking another major milestone of project financing for Sadara which is an unprecedented joint venture developed by the Saudi Arabian Oil Company and The Dow Chemical Company.
The Main Financing supplements the approximately $2 billion raised through a Sukuk issuance in April, 2013, bringing the total Sadara project financing raised to approximately $12.5 billion, the largest project financing ever in the Middle East. The agreements were entered into by Sadara with certain export credit agencies, commercial banks and the Public Investment Fund of the Kingdom of Saudi Arabia. The funds raised will be used for the construction and start-up of a world scale chemical complex in Jubail Industrial City II, Kingdom of Saudi Arabia (the “KSA”).
“We are truly pleased to see the very strong and positive response to Sadara from local, regional and global financial and government institutions,” said Luciano Poli, Chief Financial Officer of Sadara. “We are on track to deliver first products as expected in 2015 with the complex in full operation in 2016.”
Financial close of the Main Financing is expected to occur during the third quarter of 2013.
The unique Sadara chemical complex now being built in Jubail Industrial City II is the world’s largest ever built in a single phase. Comprised of 26 world scale manufacturing units, the complex will be the first in the Middle East to use refinery liquids such as naphtha as feedstock.
By using best-in-class technologies to crack refinery liquid feedstock, Sadara will enable many industries that either do not exist in the KSA or only exist through imports of raw materials. Sadara will introduce new specialty chemical plants and businesses as well as new value chains to complement the KSA’s existing chemicals landscape.
Located right next to the Sadara complex, PlasChem Park is a collaborative effort between Sadara and the Royal Commission for Jubail and Yanbu. It will be an accelerator for KSA’s drive to create more value in the downstream sector. PlasChem Park will create unprecedented conversion industry investment, and thousands of sustainable jobs, making a positive and enduring impact on the Saudi economy. As of June, 2013, Sadara has hired more than 1,500 people, a vast majority of them Saudi nationals.
News Category:
-
Beyond processbook & PI vision: Exploring today’s industrial analytics tools
(Webinar) - In the Manufacturing 4.0 era, industrial organizations have more data at their fingertips than ever, offering the promise of higher production rates, more ...
04-06-2024
-
Sasol provides state of the art catalysts to INERATEC for the production of sustainable e-fuels
The catalysts will be used, among others, in the first large-scale industrial Power-to-Liquid (PtL) plant that INERATEC is currently building in Frankfurt, Germany, which ...
24-04-2024
-
Baker Hughes to supply 17 centrifugal compressors to Saudi Master Gas System project
Baker Hughes, an energy technology company, announced Tuesday that it has received an order by Worley, for and on behalf of Aramco, to supply gas technology equipment ...
23-04-2024
-
SABIC Fujian Petrochemicals select Phenol yechnology from KBR
KBR announced today it has been awarded a contract by SABIC Fujian Petrochemicals to license KBR's market-leading phenol technology in China. Under the terms of the ...
22-04-2024
-
Lummus Expands R&D capabilities to enhance innovation and water and wastewater technologies
Lummus Technology, a global provider of process technologies and value-driven energy solutions, announced the opening of its cutting-edge research and development (R&D) ...
17-04-2024
-
Clariant launches new CATOFIN® 312 propane dehydrogenation catalyst
Clariant, a sustainability-focused specialty chemical company, today announced the launch of CATOFIN 312, its latest propane dehydrogenation catalyst. The new catalyst ...
16-04-2024
-
Yokogawa and GridBeyond conclude investment and strategic partnership agreements
Yokogawa Electric Corporation and energy IT solutions provider GridBeyond of Ireland announce that they have concluded a strategic partnership agreement. Furthermore, ...
16-04-2024
-
Heraeus Precious Metals launches Circlear
Heraeus Precious Metals, a globally leading company in the precious metals industry and one of the largest recyclers of precious metals, has introduced its new offering ...
16-04-2024
-
EMA and JERA to cooperate on LNG procurement and supply chains
The Energy Market Authority and JERA Co Inc, have signed a Memorandum of Understanding to cooperate on mutually beneficial areas in liquefied natural gas procurement ...
16-04-2024
-
Hexagon and Dragos unveil technical partnership to strengthen industrial cybersecurity
Hexagon’s Asset Lifecycle Intelligence division today announced a strategic partnership with Dragos, a global leader in cybersecurity for operational technology (OT). ...
16-04-2024