Petro Rabigh signs SAR 7.5 bln financing deals with Saudi Aramco, Sumitomo Chemical

Rabigh Refining and Petrochemical Co. (Petro Rabigh) signed, on Sept. 30, three joint revolving loans and facility agreements for a total of SAR 7.5 billion.

In a bourse statement, the company explained the details of the agreements as follows:

- A facility agreement with founding partner, Saudi Aramco, for a value of SAR 1.88 billion for a duration of 36 months after December 2020.

- A shareholder revolving loan agreement with Saudi Aramco for a total of SAR 2.81 billion for duration of 36 months after December 2020.

- A shareholder revolving loan agreement with founding partner, Sumitomo Chemical, for a total of SAR 2.81 billion (lender is Sumika Finance Co. Ltd.) for duration of 36 months after December 2020.

No guarantees are provided for the credit facility, the statement said, adding that the financing will be used for general corporate and working capital purposes.

The company noted that Saudi Aramco and Sumitomo Chemical Co. Ltd. are related parties, adding that any major updates will be announced in due course.