Home / Knowledge / News / Textiles / Financial closure for Sadara world-scale chemical complex
Financial closure for Sadara world-scale chemical complex
25
Jun '13
Sadara Chemical Company announced the signing of a number of definitive financing agreements for an additional funding of approximately US$10.5 billion (the “Main Financing”), marking another major milestone of project financing for Sadara which is an unprecedented joint venture developed by the Saudi Arabian Oil Company (“Saudi Aramco”) and The Dow Chemical Company (“Dow”).

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.

Sadara Chemical Company


Must ReadView All

Pic: Better Work

Apparel/Garments | On 24th Oct 2020

Positive change in Cambodian garment sector due to ILO BWP

Cambodian factories receiving the full package of services by Better...

Pic: Awaj Foundation

Apparel/Garments | On 24th Oct 2020

COVID erodes income of a third of Bangla apparel workers

Nearly a third of Bangladeshi garment workers suffered loss of...

Pic: Ralph Lauren

Fashion | On 24th Oct 2020

Ralph Lauren, Parity.org convene group to close gender gap

Ralph Lauren, which designs and markets premium lifestyle products,...

Interviews View All

Software Firms, Head honchos

Software Firms
Head honchos

AI / robotics may challenge existing long value chains

Pratik Bachkaniwala, Palod Himson Machines

Pratik Bachkaniwala
Palod Himson Machines

Fabric processing machines are picking up

Top executives, Textile industry, India

Top executives
Textile industry, India

Such fairs are a must for industry to showcase new innovations

Luciano Sardini,

Luciano Sardini

A consolidated reality in Italy and internationally, IMA Spa is well-known ...

Emanuel Fertuzinhos,

Emanuel Fertuzinhos

Founded in 1981, Lisama, a Portuguese company, is a pioneer in the textile ...

Yariv Bustan,

Yariv Bustan

Founded in Israel in 2015, Twine Solutions is a tech start-up that has...

Giulio Cesareo, Directa Plus

Giulio Cesareo
Directa Plus

UK-based Directa Plus is one of the largest producers and suppliers...

Giulio Cesareo, Directa Plus SpA

Giulio Cesareo
Directa Plus SpA

Established in 2005, Direct Plus SpA, is one of the largest producers and...

Shujaul Rehman, Garware Technical Fibres

Shujaul Rehman
Garware Technical Fibres

Garware Technical Fibres Ltd (formerly Garware-Wall Ropes Ltd) is a...

Karan Arora, Karan Arora

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Judy Frater, Somaiya Kala Vidya

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Silvia Venturini Fendi, Fendi s.r.l

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

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

Leave your Comments


October 2020

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


Advanced Search