Petrochem stays domestic for Islamic loan

29 May 2013

Saudi-listed firm National Petrochemical Company (Petrochem) has signed a $600m two year Islamic financing agreement with Riyad Bank.

The borrower will use the revolving credit facility for its operational spending and for its Saudi Polymers Company joint venture, which began operations in the fourth quarter of 2012.

Saudi Polymers Co is a 65/35 joint venture between Petrochem and Arabian Chevron Philips.

At the end of March, ...

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