Sadara secures $5bn loan from US Ex-Im Bank
- Saudi Arabia: Sunday, September 30 - 2012 at 03:39
The US Export-Import Bank has approved a record-breaking $4.975bn direct loan to help Sadara Chemical Co build a petrochemical complex in Saudi Arabia, Reuters has reported. The loan to the joint venture between Dow Chemical Co and Saudi Arabian Oil Co is the biggest in the bank's history, Ex-Im Bank president Fred Hochberg said. The complex is expected to be operational in 2016 and will consist of 26 processing units producing more than 3 million metric tonnes of 10 major categories of chemical products and specialty plastics per year, the bank said.
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