Ma'aden Signs Short-Term Bridge Loan

Source: www.gulfoilandgas.com 12/5/2011, Location: Middle East

The Saudi Arabian Mining Company, Ma'aden announced that its affiliate Sahara & Ma'aden Petrochemicals Company (SAMAPCO), have signed in Ma'aden's headquarters in Riyadh a one year short term bridge loan with SABB and Saudi Fransi Bank amounting to SR1,350m ($360m) with 50% each. This short-term loan will be repaid once SAMAPCO finalizes the project financing agreements, which will be announced in due course.

The production capacity of the project would amount to 250,000 tonnes per annum of concentrated caustic soda and 300,000 tonnes per annum of ethylene dichloride. The project will create approximately 200 job opportunities, which could increase according to the gradual expansion in the Company's projects.

Khalid Al Rowais, Ma'aden's Vice President for Finance said that the project will also contribute to the development of the aluminium project where caustic soda will be used to produce alumina in Ma'aden's alumina refinery in Ras Al Khair. He also extended his thanks to both banks SABB and Saudi Fransi Bank as well as the finance team.

The caustic soda and ethylene dichloride project is a 50:50% joint venture between Ma'aden and Sahara Petrochemicals Company. The project will be completed by the end of 2012.


Singapore >>  1/22/2025 - BW LPG Limited (“BW LPG” or the “Company”, OSE ticker code: “BWLPG.OL”, NYSE ticker code: “BWLP”) today provides an update on its Product Services’ (“...
United Kingdom >>  1/22/2025 - The Renewables Infrastructure Group Limited ("TRIG") announces that, in accordance with the terms of its share buyback programme (the "Programme") ann...

United Kingdom >>  1/22/2025 - Aptitude (LSE: APTD), a market-leading provider of finance transformation software solutions, specialising in delivering fully autonomous finance, ann...
United Kingdom >>  1/22/2025 - Greencoat UK Wind PLC (the "Company" or "UKW") announces that, in accordance with the terms of its share buyback programme (the "Programme") announced...

United Kingdom >>  1/22/2025 - NextEnergy Solar Fund, a leading specialist investor in solar energy and energy storage, announces that it has purchased the following number of Ordin...
United Kingdom >>  1/22/2025 - Nexteq PLC (the "Company") announces that on 21 January 2025 it purchased 10,000 ordinary shares of 0.1 pence each in the Company ("Ordinary Shares") ...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Gulf Oil and Gas
Copyright © 2023 ICT All rights reserved. - Terms of Service - Privacy Policy.