Petro Rabigh secures $5.2-bn loan for petrochemical complex expansion

摘要

Rabigh Refining and Petrochemical (Petro Rabigh) has secured a $5.2-bn credit facility to fund its Rabigh Phase II project, an expansion of the existing facility. The company has signed deals with Japan Bank for International (JBIC), state-owned Public Investment Fund (PIF), and a group of 19 local and international banks. Petro Rabigh will receive about $1,99-bn from JBIC, $1.29-bn from PIF, $935-mn from a group of international commercial banks and $935-mn from Islamic financing facilities. The credit facilities have tenure in excess of 16 years with final maturity in June 2031.