Riyadh – Mubasher: Advanced Polyolefins Company (APOC) penned a letter of conditional loan approval from the Saudi Industrial Development Fund (SIDF) with a value of SAR 3 billion.
APOC is a Saudi closed joint-stock company under incorporation and an 85%-owned subsidiary of Advanced Petrochemical Company, according to a bourse filing on Sunday.
This loan is repayable in 16 semi-annual instalments and will be used in financing the construction of Propane Dehydrogenation (PDH) and Poly Propylene (PP) plants with a nameplate capacity to manufacture 843,000 tonnes per annum of Propylene and 800,000 tonnes per annum of Polypropylene in Jubail Industrial City.
The guarantees provided for the loan is a mortgage on all fixed assets of APOC to SIDF as well as providing corporate guarantees from the shareholders of APOC, the statement said.
