Saudi's SABIC says to issue sukuk for projects

RIYADH Tue May 7, 2013 8:52am EDT

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RIYADH May 7 (Reuters) - Saudi Basic Industries Corp (SABIC), the world's biggest petrochemicals group, will issue a sukuk late this year or next year to fund coming projects, a senior company official said on Tuesday.

SABIC has 40 billion riyals ($10.7 billion) worth of projects over the next few years and the company prefers to fund these with sukuk, although "not at any cost", Chief Financial Officer Mutlaq al-Morished said on the sidelines of a financial conference.

He said the timing of the sukuk would depend upon both the development of the projects and conditions in financial markets. It is too early to give the size of the sukuk, he added.

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