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Petro Rabigh secures USD960-million credit facility to refinance debts, loans

January 25/2021

MOSCOW (MRC) -- Rabigh Refining and Petrochemical Company (Petro Rabigh) has announced that it has secured alternative sharia-compliant banking facilities from the Saudi Industrial Development Fund (SIDF) worth SR3.6 billion (USD959 million), said Chemweek.
PetroRabigh is a joint venture between state oil giant Saudi Aramco and Japan's Sumitomo Chemical,
which engages in the development, construction, and operation of an integrated refining and petrochemical complex.
The key Islamic funding facility, which has been guaranteed by a promissory note, will be used for refinancing existing debts with better terms and conditions and repayment period, in addition to settling other loans, which will reflect positively on the company and its shareholders, said Petro Rabigh in its filing to the Saudi bourse Tadawul.
Under the 12-year facility, Petro Rabigh is granted a grace period until May next year.
Petro Rabigh had in September announced three joint revolving loans and facility agreements valued at SR7.5 billion with the key lenders being Saudi Aramco and Sumika Finance Company.

As MRC reported earlier, in December 2020, Sumitomo Chemical and Axens signed a license agreement of ethanol-to-ethylene technology Atol for Sumitomo Chemicals waste-to-polyolefins project in Japan. In the project, to promote circular economy, Axens Atol technology will transform ethanol produced from waste into polymer-grade ethylene that will be polymerized in Sumitomo Chemicals assets into polyolefin, a key product in the petrochemical industry.

Ethylene and propylene are feedstocks for producing polyethylene (PE) and polypropylene (PP).

According to MRC's DataScope report, PE imports to Russia decreased in January-November 2020 by 17% year on year and reached 569,900 tonnes. High density polyethylene (HDPE) accounted for the greatest reduction in imports. At the same time, PP imports into Russia increased by 21% year on year to about 202,000 tonnes in the first eleven months of 2020. Propylene homopolymer (homopolymer PP) accounted for the main increase in imports.
Author:Anna Larionova
Tags:PP, PE, ethylene, propylene, Petro Rabigh, Sumitomo, Sumitomo Mitsui.
Category:General News
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