Tasnee affiliated companies sign credit agreements for SAR 5.1bn with local banks

22/05/2012 Argaam

Saudi Acrylic Acid Co. Ltd., Saudi Acrylic Monomers Co. Ltd. and Saudi Acrylic super absorbent Polymers co.  "Tasnee affiliated companies" signed SAR 5.1bn credit agreements with Rajhi bank, Inmaa bank, Riyad bank, SAMBA, SABB, BSF, NCB, SHB and Al Jazeera bank as announced today by Tasnee on tadawul.

 

 These loans have a term of 16 years and will be repaid on unequal semiannual installments

The proceeds will be used to finance The Acrylic Acid and its derivatives project in the petrochemicals industrial complex in Jubail.

 

This project which is expected to start operations in Q1 of 2013 is a joint venture with DOW co. and Evonic German co.

 

 

 

 

 

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