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Ma’aden Signs Financing Agreement with SIDF

Source: www.gulfoilandgas.com 11/30/2011, Location: Middle East

The Saudi Arabian Mining Company, Ma’aden announced that its subsidiary, Sahara and Ma’aden Petrochemicals Company (SAMAPCO) has signed a SR 900 million (USD 240 million) financing agreement with the Saudi Industrial Development Fund for its caustic soda and ethylene dichloride project. The load will be repaid in 13 semiannual non-equal installments ranging between 30 and 90 million Saudi Riyals with repayment starting on 15/08/1436 H and ending on 15/08/1442 H.

The production capacity of the project would amount to 250,000 tonnes per annum of concentrated caustic soda and 300,000 tonnes per annum of ethylene dichloride. The project will create approximately 200 job opportunities, which could increase according to the gradual expansion in the Company's projects.

The caustic soda and ethylene dichloride project is a 50:50% joint venture between Ma’aden and Sahara Petrochemicals Company. The project will be completed by the end of 2012.

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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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