Tasnee joint venture gets SAR 1.7B credit facility from Bank Albilad

Logo of National Industrialization Co. (Tasnee)

National Industrialization Co.’s (Tasnee) 60%-owned joint venture (JV), Saudi Ethylene & Polyethylene Co. (SEPC), secured today, Jan. 26, a Shariah-compliant long-term Murabaha financing worth SAR 1.70 billion from Bank Albilad.

In a statement to Tadawul, the company said the financing has a 12-year term, including a two-year grace period. It will be used to fund the expansion of SEPC’s ethylene cracker plant.

The statement noted that collateral includes promissory notes issued by SEPC covering the full facility value, along with guarantees from the JV partners. It added that there are no related parties to the deal.