The Saudi Petrochemical Company (Sadaf) is applying for $650 million in bank loans in order to finance its debts and modernize facilities.
The company is preparing to mandate banks for the loan which will be used to pay back its $400 million balance, reported Reuters.
The remaining funds will be used to develop Sadaf’s plant in the industrial located in the city of Jubail. Sadaf was formed in 1985 as a joint venture between the Saudi Basic Industries Corporation (Sabic) and the Pecten Arabian Company, an affiliate of Shell Oil Company USA.
Located in the Eastern Province of Saudi Arabia, Sadaf commenced commercial operations in 1986.
The company operates several chemical plants, manufacturing ethylene, ethylene derivatives, caustic soda and methyl tertiary butyl ether (MTBE). The plants have a combined production in excess of 4,000 metric tons per annum. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
