Sadara Chemical Company has been given the green light by Saudi Arabia’s stock market watchdog, the Capital Markets Authority (CMA) to offer Sukuk to finance its 3mn tons/year $20bn petrochemicals project at Jubail. This is a first for the Kingdom. While the Satorp 400,000 b/d export refinery was the first project in Saudi Arabia to issue Sukuk, this was to replace other financing already received.
In Sadara’s case the Sukuk will actually be the first funding component close for the project, which is being sponsored by state oil giant Saudi Aramco and US petrochemicals company Dow Chemical. Sadara is the world’s largest chemical complex built in a single phase, according to the sponsors (see p10). (CONTINUED - 810 WORDS)
