Sadara Basic Services— which is 100 percent indirectly owned by Sadara Chemical Co. — inked a mortgage contract with the Saudi Industrial Development Fund (SIDF) to obtain a SAR 865 million loan for Saudi Butanol Co. (SaBuCo).
Sadara granted SIDF a pledge over the butanol plant assets, which are estimated at nearly SAR 1.9 billion ($505 million), the company said in a bourse statement on Monday.
SaBuCo, set to be the world's largest butanol plant, is a joint venture between Kayan Petrochemical Co. (Saudi Kayan), Sadara, and Saudi Acrylic Acid Co. (SAAC).
Butanol will be supplied as raw feedstock for Sadara Chemical’s complex in Saudi Arabia’s Jubail Industrial City II.
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