Sadara Chemical Company announced on 16 March the launch of a public offering of sukuk certificates, following the approval of the kingdom’s Capital Market Authority (CMA). The sukuk issuance (for financial details see p16) will fund the construction and delivery by Sadara, a joint venture of Saudi Aramco and US firm Dow Chemical, of a 3mn tons/year petrochemicals plant at Jubail Industrial City II.
The prospectus published to accompany the sukuk details for the first time the Sadara plant’s manufacturing units (see Table), which will comprise “the world’s largest chemical complex ever built in a single phase.” Sadara will initially have 26 process units, of which a mixed feed steam cracker and an aromatics plant will be the key upstream manufacturing units. (CONTINUED - 523 WORDS)
