Saudi Arabia’s Advanced Polyolefins Industry Company (Apoc), a subsidiary of privately-owned Advanced Petrochemical Company, has signed SR 6.1bn ($1.6bn) of facilities with a consortium of financial institutions for the construction of three plants at Jubail Industrial City 2.
The projects include a propane dehydrogenation (PDH) plant, a polypropylene (PP) plant, and an isopropanol (IPA) plant, the firm said in a filing with the Saudi Stock Exchange (Tadawul).
The company signed the sharia-compliant Islamic facility agreements with a consortium of financial institutions, which includes Alinma Bank, Al-Rajhi Banking and Investment Corporation, Arab National Bank, Arab Petroleum Investments Corporation, Bank Albilad, Banque Saudi Fransi, Riyad Bank, Saudi British Bank, Saudi National Bank.
The facilities comprise a base facility of SR 4.7bn, a standby facility of SR 438mn, and a bridge murabaha facility of SR 600mn.
The base and standby facilities are repayable in 22 unequal semi-annual installments starting from 31 May 2025 until 20 November 2035. The bridge and VAT murabaha facilities will be payable no later than 31 May 2026.
Advanced Petrochemical has also entered into a debt service undertaking for an amount of up to $250mn and a pledge of the shareholders’ shares in Apoc.
