Saudi Arabia’s Petro Rabigh Said to Seek $8 Billion Funding - Bloomberg

Saudi Arabia’s Petro Rabigh Said to Seek $8 Billion Funding - Bloomberg:



"A joint venture of Saudi Arabian Oil Co. and Sumitomo Chemical Co. (4005) is seeking about $8 billion of loans to fund expansion, two people familiar with the plan said.



The financing for Saudi Arabia’s Rabigh Refining & Petrochemicals Co. (PETROR), known as Petro Rabigh, includes about $2 billion to $2.5 billion of 16-year bank loans in dollars and riyals, according to the people, who asked not to be identified because the information is private. Petro Rabigh said in September its founders were seeking loans to expand its ethane cracker and build a new naphtha and aromatics complex.



The remaining funding for the expansion project will be raised from Saudi Arabia’s state-owned Public Investment Fund and the Japan Bank for International Cooperation, according to the people. HSBC Holdings Plc (HSBA) and Sumitomo Mitsui Banking Corp. are advising Petro Rabigh on the financing, they said."



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