Korea Eximbank provides $1B financing to Saudi Amiral project

The Export-Import Bank of Korea (Eximbank) announced on Thursday that it will provide the Amiral petrochemical complex project in Saudi Arabia with $1 billion in financing, Yonhap News Agency reported, citing a statement.

The project was awarded to Hyundai Engineering & Co. This project financing will be used to pay for construction costs incurred by South Korean companies.

As a result, it is expected to lead to exports of about $600 million worth of domestic goods and services, including equipment from about 90 small- and medium-sized enterprises.

In December 2022, Saudi Aramco and TotalEnergies took the final investment decision for the construction of a petrochemical complex in Saudi Arabia, Argaam reported earlier.

The Amiral project, commissioned by SATORP, a joint venture between Saudi Aramco and France's TotalEnergies, involves an investment of around $11 billion, of which $4 billion will be funded through equity by Saudi Aramco (62.5%) and TotalEnergies (37.5%). The commercial operations are targeted to start in 2027.

Saudi Aramco and TotalEnergies announced in June 2023 that they awarded Engineering, Procurement and Construction (EPC) contracts for the $11 billion (SAR 41.3 billion) Amiral complex. These contracts included a mixed feed cracker and utilities, with a nameplate capacity of 1,650 kta of ethylene and related industrial gases, and utilities, flares and interconnecting systems that support main packages within the facilities.