Petrochem secures SAR 550 mln banking facility from SABB

12/03/2019 Argaam

National Petrochemical Co. (Petrochem) has signed on Tuesday a SAR 550 million shariah-compliant financing facility agreement with Saudi British Bank (SABB), the company said in a bourse statement.

 

The credit is covered by a promissory note and has a term of three years, renewable every year.

 

The amount will be used to fund the company’s general activities including the repayment of the remaining amount of Sukuk due on June 20, 2019, the statement added.

 

No related parties are involved in the deal.

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