Complex Made Simple

Saudi Sipchem looks to raise $533m from Islamic bond

Saudi International Petrochemical Co (Sipchem) expects to raise up to SR2bn ($533.3m) from a planned Islamic bond offering to fund plant expansions, Reuters has reported. "We target raising SR1.5bn from the issue and the value may rise to SR2bn based on our need and on the offers (from investors)," chief executive Ahmad al-Ohaly told the news service. Sipchem plans to part-finance three projects worth over $1bn including building a chemical plant in partnership with South Korea's Hanwha Chemical.