SAHARA PETROCHEMICALS AFFILIATE SIGNS COMMITMENT LETTER WITH LOCAL BANKS

30/04/2012 Argaam

SAHARA Petrochemicals Company (SAHARA Petrochemicals) announces that its affiliate, Sahara & Maaden Petrochemical Company (SAMAPCO) , completed on Monday 09 Jummdah II 1433 Hijri (30 April 2012 G.) the signing on the commitment letter with a value of SAR1.882 billion (USD 502 billion) with three of Saudi banks: SABB, Banque Saudi Fransi and Riyad Bank.
The commitment term will be for 15 years with half yearly installments to provide the commercial financing for its investments in the Ethylene Dichloride (EDC) and Caustic Soda petrochemical project located in the in Jubail Industrial City, which will be starting up in the first quarter of 2013.
SAHARA Petrochemicals and Saudi Arabian Mining Company (Maaden) confirm that this financing shall be compliant with Islamic financing and shall be completed with the participation of Saudi banks ; this reflects the trust in their ability to execute such distinguished projects. SAHARA Petrochemicals holds 50% equity in SAMAPCO. Any additional updates shall be declared later. 

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