Sadara Chemical Co. has announced that it has satisfied all of the requirements originally laid out in the project financing agreements with its lenders and has therefore achieved the official Project Completion Date (PCD).
The PCD follows successful passing in December 2018 of the Creditors Reliability Test (CRT) – a monitored exercise designed to show that Sadara’s 26-plant chemical complex is operating at full capacity. Sadara was the first Saudi Aramco joint venture to pass the CRT on its initial attempt.
In a statement, Sadara said that it has delivered on all of the project’s operational targets and now Sadara and its shareholders are working with lenders to reprofile its outstanding debt to achieve a sustainable capital structure.
Sadara’s financial reprofiling will have no effect on company operations.
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