Saudi Aramco and Dow Chemical partner on $20bn petrochemical complex
Post date: Mar 25, 2013 11:48:38 AM
By Reuters - Sunday, 17 March 2013 12:57 PM
Sadara Chemical Company, a joint venture between Saudi Aramco and Dow Chemical, said it launched a local currency Islamic bond to help fund the construction of a $20 billion petrochemical complex in the east of the kingdom.
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.
Size and pricing of the sukuk, which is only available to Saudi investors, will be determined once roadshows have taken place. The sukuk has a 16-year lifespan, the statement said.
The sukuk forms part of a $12.5 billion debt package currently being raised to fund the construction of the project, which will produce more than 3 million tonnes of petrochemicals each year when completed in 2016.