SAUDI KAYAN PETROCHEMICAL : SAUDI KAYAN) ANNOUNCES SIGNING OF AN ISLAMIC MURABAHA FACILITY AGREEMENT
November 25, 2014 at 06:58 am EST
Share
SAUDI KAYAN PETROCHEMICAL COMPANY (SAUDI KAYAN) ANNOUNCES SIGNING OF AN ISLAMIC MURABAHA FACILITY AGREEMENT
25 Nov 2014
Saudi Kayan Petrochemical Company (Saudi Kayan) announces the signing of an Islamic Murabaha facility agreement with the National Commercial Bank and Samba Financial Group on November 19. Guaranteed and supported by the Saudi Basic Industries Corporation (SABIC), the agreement runs as follows:
National Commercial Bank, finance value of 1,500,000,000 (one billion five hundred million Saudi riyals) for up to 15 years.
Samba Financial Group, Finance value of 1,125,000,000 (one billion, one hundred and twenty five million Saudi riyals) for up to 10 years.
The company is entitled to avail of these facilities as of date of signing the agreement. The finance agreement aims to achieve financial completion with major financiers of the company projects by making allocations for debt service account balance, financing the projected increase in working capital, and financing the remaining works of the company's under construction plants - such as normal butanol plants - in compliance with the lending agreement signed with major donors on May 31, 2008. The agreement was signed by Mazyad Al-Khaldi, Saudi Kayan President, Mansour Deraini, Head, Project Finance, National Commercial Bank, and Zaeem Ahmed, Head, Specialized Lending Unit, Samba Finance Chairman
Saudi Kayan Petrochemical Company SJSC is a Saudi Arabia-based joint stock company engaged in the chemicals and petrochemicals industry. The Companyâs activities include investing in, owning, constructing, operating and managing industrial projects in the petrochemical and chemical sectors, and provides support and maintenance of utilities related to the plants. The Company produces a range of products, such as Ethanolamines, Ethoxylates, Phenol, Cumene, Polycarbonate, Ethylene, Propylene, Polyethylene, Polypropylene, Ethylene Glycol, Natural Detergent Alcohol, Bisphenol-A, Acetone and other products. The Companyâs principal place of business is in Al-Jubail Industrial City, Kingdom of Saudi Arabia.
SAUDI KAYAN PETROCHEMICAL COMPANY 
