Petro-Rabigh Petrochemicals Phase II

Value:

SR 31 billion

Dollar value:

$ 8.266 billion

Status:

Announced

Date:

16/3/2015

Overview:

Petro-Rabigh Petrochemicals Phase II.
Rabigh Refining and Petrochemical Company (Petro Rabigh) has undertaken the expansion of its existing refinery.
The total cost of the project comes to SR31 billion.
Petro Rabigh has taken out loan facilities worth SR19.4 billion to pay for the works.
The financing was raised from Japan Bank for International Co-operation (JBIC), the Public Infrastructure Fund (PIF) of Saudi Arabia as well as other commercial and Islamic lenders.
The expansion includes extending existing facilities; newly built facilities to produce high value products; expansion of the ethane cracker and a new naphtha reformer-aromatics facility.
The expansion will allow the company to introduce 12 new refined products into the Saudi market.
Legacy firm Chadbourne & Parke advised Rabigh Arabian Water and Electricity Company.

Sam Duke - Editor

Jurisdictions:

Saudi Arabia
United Arab Emirates

Deal types:

Project development
Project finance

Practice areas:

Project finance
Project development

Industry sector:

Oil and gas

Firms:

Dentons

Party: Sumitomo Chemical Corporation (Project developer, Shareholder)

Lawyers: Neil Cuthbert, Udayan Mukherjee

Milbank

Party: Japan Bank for International Cooperation (Lender)

Party: BNP Paribas (Lender)

Party: Citibank (Lender)

Party: Crédit Agricole (Lender)

Party: HSBC (Lender)

Party: Mizuho Bank (Lender)

Party: The Bank of Tokyo-Mitsubishi UFJ (Lender)

Party: Sumitomo Mitsui Banking Corporation (Lender)

Party: Alinma Bank (Lender)

Party: Al Rajhi Banking and Investment Corporation (Lender)

Party: Arab National Bank (Lender)

Party: Arab Petroleum Investments Corporation (APICORP) (Lender)

Party: Banque Saudi Fransi (Lender)

Party: Islamic Development Bank (IDB) (Lender)

Party: Riyad Bank (Lender)

Party: Samba Financial Group (Lender)

Party: The National Commercial Bank (Lender)

Party: Saudi British Bank (Lender)

Party: Public Investment Fund (PIF) (Lender)

Party: The Norinchukin Bank (Lender)

Party: Sumitomo Mitsui Trust Bank (Lender)

Lawyer: John Dewar

Pillsbury Winthrop Shaw Pittman