Petro Rabigh plans to borrow 8 billion dollars to fund expansions

Petro Rabigh is seeking about eight billion dollars of loans to fund expansions, two sources told Bloomberg.
 

The financing includes two to 2.5 billion dollars of 16-year bank loans in dollars and riyals.
 

The remaining funding will be raised from Saudi Arabia’s state-owned Public Investment Fund and the Japan Bank for International Cooperation, according to the sources.

HSBC Holdings and Sumitomo Mitsui Banking Corp. are advising Petro Rabigh on the deal.

Petro Rabigh said in September its founders were seeking loans to expand its ethane cracker and build a new naphtha and aromatics complex.

The company said it would tap traditional and sharia-compliant lenders.