Gulf Oil and Gas accountACCOUNT

Sipchem Signs a Refinancing Agreement for 1.035B SAR

Source: www.gulfoilandgas.com 2/11/2013, Location: Middle East

Saudi International Petrochemical Company (Sipchem) announced that its affiliates, International Acetyl Company (IAC), 76% owned by Sipchem, International Vinyl Acetate Company (IVC), 76% owned by Sipchem, and International Gases Company (IGC), 72% owned by Sipchem, have signed an agreement to refinance the commercial loans obtained by these companies in 2008. The agreement was signed with a number of local and international banks in US Dollar to refinance building the Acetic acid plant which belongs to IAC, the Vinyl Acetate plant which belongs to IVC and Carbon Monoxide plant which belongs to the IGC, that are considered the most important projects of the company.

As per the refinancing agreement IAC, IVC and IGC shall be eligible to convert the current commercial bank loans into long-term financing facilities in Saudi Riyal with Riyad Bank Corporate Banking which acted as the Lead Arranger of the refinance process for an amount of one billion and thirty five million Saudi Riyals (SAR 1,035,000,000) with a competitive variable interest rate in addition to a six-month grace period as the first installment payment shall be due in the 2nd half of 2013, in addition to extending the payment period of the loan for a period from two to four years.

For more information about related Opportunities and Key Players visit Saudi Arabia Oil and Gas Projects

Investment News in Saudi Arabia >>

Egypt >>  1/15/2020 - The EBRD is investing US$ 60 million to become a shareholder in Infinity Energy S.A.E., one of Egypt’s leading private energy companies through the is...
Senegal >>  1/15/2020 - Cairn, along with its joint venture partners, Woodside and FAR, has signed a joint Final Investment Decision (FID) statement, in agreement with Petros...

Nigeria >>  1/13/2020 - Following the Company's announcement earlier today, the Company is now in a position to advise that, based on all information currently available to L...
United States >>  1/13/2020 - Lekoil's advisers were approached yesterday by representatives of the Qatari Investment Authority (the "QIA") questioning the validity of the loan agr...

Zimbabwe >>  1/13/2020 - Invictus Energy Limited, is pleased to announce that the Company’s Cabora Bassa project at Muzarabani held through the Company’s 80% interest in Geo ...
Somalia >>  1/6/2020 - The upper house of Somalia’s parliament on Monday approved a new petroleum law, which aims to provide a regulatory framework that will help to attract...

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

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


Saudi Arabia Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 |

More News

Related Links

Gulf Oil and Gas
Copyright © 2019 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.