Al-Waha Petrochemical signs SAR 1.89 billion Islamic finance deals

Al-Waha Petrochemical signed Shariah-compliant credit facility deals worth SAR 1.89 billion to build a new propylene and polypropylene complex at Jubail Industrial City.
 

The finance was co-arranged by the Arab National Bank (ANB), Al-Jazira Bank, Banque Saudi Fransi, First Gulf Bank, Saudi British Bank (SABB) and Saudi Hollandi Bank, and will partly cover the project’s total cost of SAR 3.83 billion.

The complex will produce 460,000 tonnes of propylene and 450,000 tonnes of polypropylene annually, and will come online in 2009.

Al-Waha Petrochemical is jointly owned by Sahara Petrochemicals (75 percent) and Basell (25 percent).