| Sadara Chemical Company, a joint venture between Saudi Aramco and Dow Chemical, raised 7.5 billion riyals ($2bn) from the sale of an Islamic bond to fund a large petrochemical complex in the east of the kingdom.
The sukuk, which has a lifespan of 16 years, was priced at 95 basis points over the six-month Saudi interbank offered rate (Saibor), a statement from Sadara said. The sale is part of a $12.5bn debt to fund the construction of the project, which will produce more than three million tonnes of petrochemicals each year when completed in 2016...............................................Full Article: Source
|