Home / Knowledge / News / Textiles / Sumitomo expects to get $7bn loan for Rabigh II plan
Sumitomo expects to get $7bn loan for Rabigh II plan
Nov '13
Japan-based Sumitomo Chemical Co. Ltd. is expecting to get the US$ 7 billion finance approval for expansion of a petrochemical project in Saudi Arabia in the first half of next year, the company’s president Masakazu Tokura said at a news conference in Tokyo, reports Arab News.
The total investment of Rabigh II plan stands unchanged at US$ 7 billion, with an aim to start operation in 2016, Mr. Tokura said.
PetroRabigh, a joint venture between Sumitomo and Saudi Aramco, has an annual capacity to produce 18 million tons of refined products and 2.4 million tons of petrochemicals.
Both the parent companies of PetroRabigh agreed last year for a US$ 7 billion expansion of the Rabigh complex, located on the Red Sea coast of Saudi Arabia.
Mr. Tokura said they are in negotiations with financial institutions for financing of Rabigh II project, and are expecting to get an approval in the first half of the next year.
Until then, however, the parent companies would be providing the capital to proceed with the Rabigh II plan, which has already begun.
In addition to expansion of an existing ethane cracker under the second phase of the Rabigh project, a new aromatics complex would be built, which would produce higher-value petrochemical products using around 3 million tons of naphtha per year.

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 20th Jan 2017

TEA expects budget to upscale textile skill industry

The Tiruppur Exporters’ Association (TEA) has requested the Central...

Textiles | On 20th Jan 2017

Bangladesh could earn $60 billion in exports by 2021

Bangladesh is expected to earn over $60 billion in exports by the...

Courtesy: PIB

Textiles | On 20th Jan 2017

Govt to help Tangaliya weavers purchase looms: Irani

Government of India will facilitate Tangaliya weavers in purchase of...

Interviews View All

Angelina Francesca Cheang

'Consumers in the age-group 21 to 38 are driving the activewear trend'

Amardeep Singh
Orient Craft

'In export markets, the trend in terms of embroidery, is towards matte...

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Pranav Mishra

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies

January 2017

January 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Browse Our Archives


Subscribe today and get the latest News update in your mail box.
Advanced Search