| DUBAI, June 16
DUBAI, June 16 Sadara Chemical Co, a joint
venture between Saudi Aramco and Dow Chemical
, has signed a fundraising package for the $19.3 billion
petrochemical complex it is building in the east of the kingdom,
three banking sources said on Sunday.
The financing package totals around $12.5 billion and
consists of loans from banks, export credit agencies and the
state-owned Public Investment Fund, as well as proceeds from an
Islamic bond issue. The remaining cost will be met by the two
The facility, located at Jubail Industrial City in Saudi
Arabia's Eastern Province, will be the world's largest chemical
complex ever built in a single phase. It will produce more than
3 million tonnes of petrochemicals each year when completed in
Sadara was not immediately available for comment. The
sources spoke on condition of anonymity as the matter has not
been made public.
The split between the different portions of the facility
were changed from an original outline released in May 2012 after
the success of the sukuk, which was completed at the start of
April, two of the bankers said.
Sadara raised 7.5 billion riyals ($2 billion) from the local
currency Islamic bond, having increased the deal size from 5.25
billion riyals on strong demand from investors.
Also included is a $4.975 billion direct loan from the U.S.
Export-Import Bank. Signed in September, it was the largest ever
loan from the institution.