Saudi Arabia’s Advanced Polyolefins Secures Shariah-compliant Funding Worth USD 1.6 Billion for 3 Plants
December 07, 2022
Saudi Arabia-based Advanced Petrochemical Company (Previously known as: Advanced Polypropylene) has announced the closure of an SAR 6.1 billion (USD 1.62 billion) Shariah-compliant facilities by its subsidiary Advanced Polyolefins Industry Company (Advanced Polyolefins) to finance the construction of three plants in Jubail Industrial City.
Why it Matters?
The financial close comes after the company signed various Islamic facility agreements with a consortium of financial institutions on the 6th of July 2022 to construct the three plants, namely propane dehydrogenation, polypropylene and isopropanol plants. The company achieved the financial close on the 4th of December 2022, under the senior debt facilities arranged on a non-recourse basis.