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 ($800 million), 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 and will be used to finance the construction of propane dehydrogenation (PDH) and polypropylene (PP) plants with a nameplate capacity to manufacture 843,000 propylene and 800,000 polypropylene annually in Jubail Industrial City II, Saudi Arabia.