Advanced Polyolefins Industry Company (APOC), a subsidiary of the Saudi-based Advanced Petrochemical Company, has announced that it has signed several Sharia-compliant facility agreements worth SR6.1 billion with a group of financial institutions to finance the construction of petrochemical plants at Jubail Industrial City II.
According to Advanced Petrochemical Company’s filing to the Saudi exchange Tadawul, the scope of work includes the creation of a propane dehydrogenation plant with a total annual capacity of 843,000 tonnes as well as a polypropylene (800,000 tonnes) and an isopropanol facility (70,000 tonnes).
The scope of work includes the creation of a propane dehydrogenation plant with a total annual capacity of 843,000 tonnes
The consortium members taking part in the funding comprise Alinma, Al Rajhi, Arab National Bank, Arab Petroleum Investments Corporation, Bank Albilad, Banque Saudi Fransi, Riyad Bank, Saudi British Bank and Saudi National Bank.
The total credit facilities consist of an SR4.7 billion base facility, SR438 million standby facility, SR600 million bridge Murabaha facility and SR356 million VAT Murabaha facility.