National Petrochemicals (NATPET) signed US$ 125 million loan agreement with Public Investments Fund
- Agreement to finance Propylene and Polypropylene complex in Yanbu Industrial city
- Annual production to reach 400,000 tons
National Petrochemical Industrial Company (NATPET), 57% owned by Alujain Corporation , said that it inked a loan agreement with Public Investments Fund with US$ 125 million to finance the company’s Propylene and Polypropylene complex, with 400,000 tons annual production, in Yanbu Industrial city.
Mr. Mansour Al Mayman, secretary general, Public Investments Fund, and Mr. Jamal Malaikah, president and C.O.O of (NATPET), inked the agreement on 19th Jumada II, 1429 H – 23rd June, 2008, at Public Investments fund offices in Riyadh.
At such occasion, NATPET represents highest thanking, praising and appreciation to Custodian of the two holy mosques, King Abdullah Bin Abdul Aziz and cabinet for their infinite support to national industries in general and Petrochemicals specially. Such patronage set the kingdom high in petrochemicals industry as well as other industries.
It is worthy to mention that NATPET is the premier company not only in Saudi Arabia, but in the region to use Spheripol technology to produce Polypropylene from LyondellBasell. Thence, the company is facilitated for the production of unique products. It’s known that polypropylene is used in various industries such as wrapping, packing, carpets, cars, home appliances and others.
