The Saudi-based Polyolefins Company (SPC) was recently granted a $280 million loan to build new propylene and polypropylene plants, confirmed a company statement. SPC forecasts an annual polypropylene output of 450,000 tons once the new plants are fully operational in the first quarter of 2004, reported AFP. The total cost of the project amounts to $525 million.
The consortium of banks issuing the loan to SPC are the Saudi French Bank, Riyad Bank, Arab Petroleum Investment Corporation, the Sumitomo Mitsui Bank a number of others financiers. In November 2001, the company received a $107 million loan from the Saudi Industrial Development Fund.
In June 2001, The National Petrochemical Industrialization Company (NPIC) of the Kingdom of Saudi Arabia and Basell Holdings Middle East signed an agreement to form the SPC. NPIC, a 51 percent subsidiary of the National Industrialization Company (NIC) of Riyadh, holds 75 percent of the joint venture shares and Basell Holdings Middle East holds 25 percent. — (menareport.com)
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