Product category:
Gas atmospheres and generation
News Release from: SABIC
Edited by the Processingtalk Editorial
Team on 26 April 2007
Gas supply investment and expansion
Sabic affiliate, the National Industrial Gases Company, has signed a new USD400 million Murabaha loan facility with eight local and Gulf banks to finance part of its existing expansion project
Sabic affiliate, the National Industrial Gases Company (GAS) has signed a new SR1.5 billion (USD400 million) Murabaha loan facility with a club of eight local and Gulf banks to finance part of its existing expansion project The loan agreement was signed by and between Mr Ibrahim Al-Shuweir, Chairman of GAS and Sabic Vice President, Corporate Control and Banque Saudi Fransi, Riyad Bank, National Commercial Bank, SAMBA Financial Group, Arab Petroleum Investments Corporation, Saudi Hollandi Bank, Arab National Bank and Gulf International Bank
This article was originally published on Processingtalk on 18 Jul 2003 at 8.00am (UK)
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GAS has mandated Banque Saudi Fransi as financial advisor and lead arranger.
The new GAS expansion projects are currently under implementation at its complexes in Jubail and Yanbu Industrial Cities.
These expansion projects will bring the total daily production capacity of oxygen to around 19,000 metric tons per day.
The total daily production of nitrogen will increase to around 9,750 metric tons per day.
Mutlaq Al-Morished, Sabic CFO and Vice President, Corporate Finance said, "Sabic is keen to diversify its funding resources and give Islamic financing its top priority".
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