RIYADH: Advanced Polyolefins Industry Co., a unit of Saudi-listed Advanced Petrochemical, has secured loans worth SR6.1 billion ($1.6 billion) to finance the construction of three plants at Jubail Industrial City II in Saudi Arabia.
The Shariah-compliant facility deals are repayable in 22 installments until November 2035, while SR956 million of the amount is payable by May 2026, a bourse filing revealed.
The company said the proceeds will be used to set up three plants for propane dehydrogenation, polypropylene, and isopropanol, with a capacity to produce 843,000, 800,000, and 70,000 tons per annum, respectively.
Alinma Bank, Al Rajhi Banking and Investment Corp., Arab National Bank, and the Saudi National Bank were among the financing entities for the facilities.