Petro Rabigh gets SAR 3.6 bln alternative Islamic facilities from SIDF

Rabigh Refining and Petrochemical Company (Petro Rabigh) secured today, Dec. 22, alternative Sharia-compliant banking facilities from the Saudi Industrial Development Fund (SIDF) at a total value of SAR 3.6 billion, the company said in a bourse statement.

Under the 12-year facility, Petro Rabigh is granted a grace period until May 2021.

The financing facility, which was guaranteed by a promissory note, will go for refinancing existing debts with better terms and conditions and repayment period, in addition to settling other loans, which will reflect positively on the company and its shareholders.

There are no related parties to the deal, the statement added.