Advanced Petrochemical Co. has announced that Advanced Polyolefins Industry Co., a subsidiary company, has signed a loan agreement with the Saudi Industrial Development Fund (SIDF).
The loan agreement is valued at 3 billion Saudi Riyals, and comes as a completion of the procedures and requirements stipulated by SIDF in the conditional loan approval.
The loan, which is repayable in 16 unequal semi-annual installments, will be used to finance the construction of propane dehydrogenation (PDH) and polypropylene (PP) plants with a nameplate capacity to manufacture 843 000 tpy propylene and 800 000 tpy PP in Jubail Industrial City II, Saudi Arabia.