Home / Knowledge / News / Textiles / SAUDI KAYAN enters US $6 bn financial deal for new complex
SAUDI KAYAN enters US $6 bn financial deal for new complex
29
Sep '08
An affiliate of the Saudi Basic Industries Corporation (SABIC), the Saudi Kayan Petrochemical Company (SAUDI KAYAN), entered into US$6 billion financing arrangements (SR 22.5 billion ) for 15 years with a group of banks and financial institutions to finance part of the expenses of building its new (Saudi Kayan) complex in Jubail Industrial City.

The complex will be the world's largest integrated petrochemical complex. The financing package is diverse and includes local, regional, international, Islamic and export credit agency debt.

Saudi Kayan was advised by Arab Banking Corporation, BNP Paribas and Samba. The initial Mandated Lead Arrangers are ABN AMRO Bank N.V., Arab Banking Corporation, BNP Paribas, HSBC Bank plc and Samba Financial Group.

The export credit agencies are ECGD, KEIC, K-EXIM and SACE. The Public Investment Fund of the Kingdom of Saudi Arabia is also providing finance to the Project. Al Rajhi Banking & Investment Corporation is providing an Islamic working capital facility.

Mutlaq Hamad Al-Morished, SAUDI KAYAN Chairman and SABIC Vice President, Corporate Finance, signed the agreements on behalf of SAUDI KAYAN.

The SAUDI KAYAN complex, currently under construction, is expected to go on-stream in 4th Q 2010 with a total annual capacity of approximately 6 MTA of a variety of petrochemical products including: ethylene, propylene, polyethylene, polypropylene, ethylene glycol and a series of specialized products that will be produced locally for the first time such as: aminoethanols, aminomethyls, dimethylformamide, dimethylethanol, dimethylethanolamine, ethoxylates, and polycarbonate, acetone and others.

Al-Morished stressed SABIC s keenness to diversify the sources of financing for its projects and to optimize the utilization of available funding sources, especially Islamic financing.

SABIC holds a 35 per cent of the shareholding in SAUDI KAYAN with a private shareholder, Al Kayan Petrochemical Company, holding a further 20 per cent. The remaining 45 per cent. is held by Saudi shareholders following an initial public offering last year.

Saudi Kayan Petrochemical Company


Must ReadView All

Uzbekistan wants joint ventures with Hungarian textile firms

Textiles | On 20th Feb 2018

Uzbekistan wants joint ventures with Hungarian textile firms

Uzbekistan has offered Hungary to create joint ventures in the two...

Vietnam’s textile & garment exports up 10.68% in 2017

Textiles | On 20th Feb 2018

Vietnam’s textile & garment exports up 10.68% in 2017

Vietnam came very close to achieving its 2017 textile and garment...

From left: Tania Polonnowita Wettimuny, MD, Hellmann Sri Lanka; Bart de Vries, Global COO Air & Sea Hellmann; Deshamanya Mahesh Amalean, Chairman, MAS Holdings; & Shirendra Lawrence, COO, MAS Holdings

Textiles | On 20th Feb 2018

Hellmann and MAS form joint venture HMSC

Hellmann Worldwide Logistics and MAS Holdings have formed Hellmann...

Interviews View All

Top executives
Textile industry

Overall, Union budget 2018-19 is very balanced

Yashiki Gumber
Sahiba Fabrics

Fabric does not restrict us from fashion trends

Ghanshyam Ghoghari
Kimora Fashion

Bridalwear is not about reds and whites anymore

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Amiben Shroff
Shrujan

From its modest beginning in the late 1960s, Shrujan has grown into a...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

February 2018

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
70.6%
No
12.7%
Skip
16.7%

Total Votes: 102

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.7%
No
29.4%
Skip
6.9%

Total Votes: 102

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
88.2%
No
8.8%
Skip
2.9%

Total Votes: 102

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
83.3%
No
7.8%
Skip
8.8%

Total Votes: 102


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search