Written on 16.07.2013 - Industry
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SAUDI ARABIA: Sadara closes main financing for USD 10.5 billion project

Sadara Chemical Company has announced financial close for the funding of main financing of approximately USD 10.5 billion project. This marks the completion of project financing for Sadara, which is a joint venture between Saudi Arabian Oil Company (Saudi Aramco) and Dow Chemical Company.

The main financing supplements the USD 2 billion raised through a sukuk (Islamic bond) issuance in April, bringing the total Sadara project financing raised to approximately USD 12.5 billion, the \"largest project financing ever in the Middle East.\"

The Sadara chemical complex now being built in the Jubail Industrial City II of Saudi Arabia is described as the world’s largest to be built in a single phase. Comprising 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 currently do not exist in Saudi Arabia or only exist through raw material imports.

Sadara will introduce new specialty chemical plants and businesses as well as new value chains to complement the Kingdom’s existing chemicals landscape. Sadara is on track to deliver its first products in the second half of 2015, with the complex in full operation by 2016.

(Syed Rashid Ali, Karachi, Pakistan)
Source: Daily \"Arab News\", Riyadh; 1 July 2013