Advanced Petrochemical Finalises SAR 1.5 Billion Murabahah Facility

Advanced Petrochemical (AP), based in Saudi Arabia, has secured a SAR 1.5 billion (USD 400 million) cost-plus Murabahah facility with a tenure of 5.5 years.

In a filing to the Saudi Arabian Stock Exchange or Tadawul, made on the 12th of July 2020, AP noted that the Murabahah facility was signed between AP and Riyad Bank, SAMBA Financial Group, as well as Al Rajhi Bank.

According to AP, the funds obtained will go towards financing growth projects for AP and its subsidiary. AP manufactures propylene and polypropylene in Saudi Arabia and its South Korean subsidiary, SK Advanced, produces propylene in Ulsan.

Whilst utilisation will be based on act...