Petro Rabigh invites banks to send proposals for financing new project

Petro Rabigh solicited local and international banks to send proposals for financing the second phase of its petrochemical and oil refining complex, a filing to Tadawul said.

The Phase II includes the expansion of the petrochemical and oil refining complex based in Rabigh, including the extension of the ethane cracking unit to process an extra 30 million cubic feet annually, and the building of a new naftha and aromatics complex with an annual capacity of over 2.7 million tonnes.

The company expected the project to be operational in the first half of 2016, and said it was open to both traditional and Shariah-compliant funds to finance it.

Petro Rabigh’s board agreed in August to merge Phase II into the standing Petro Rabigh Complex, and transfer its ownership from founding partners Saudi Aramco and Japan’s Sumitomo Chemical to the Rabigh Refining and Petrochemical Company (Petro Rabigh).