Riyadh – Mubasher: Farabi Petrochemicals Company has appointed banks to finance the establishment of a fresh petrochemical complex with SAR 4 billion ($1.07 billion) in investments.
The Saudi Arabia-based Farabi seeks to obtain a SAR 3 billion loan for the project, that will be set up in Yanbu, on the kingdom's west coast, Reuters reported, citing the banking sources as saying.
The Saudi Industrial Development Fund (SIDF) is forecast to secure SAR 1.2 billion for Farabi, while banks will provide SAR 1.7 billion, one of the sources noted.
HSBC will be the advisor for the Saudi petrochemicals firm regarding the project's funding, the sources added, giving no further details on the timeframe of the project.
The funding will be completed within the second quarter of 2018.
