Saudi Kayan pens $6bn loan deal

PART FINANCE: Kayan has signed a $6 billion loan agreement with a group of banks, including ABN Amro, HSBC and Arab Banking Corporation. (Getty Images)

Saudi Kayan Petrochemical Company said on Saturday it had signed a $6 billion loan agreement with a group of banks to partly finance its complex in Al-Jubail industrial zone.

ABN Amro, Bahrain's Arab Banking Corporation, France's BNP Paribas, HSBC Holdings and Samba Financial Group will lead manage the 15-year loan agreement, it said in a statement on the bourse website.

Kayan is 35% owned by state-controlled Saudi Basic Industries Corporation (Sabic).

The Kayan project will start commercial production in the fourth quarter of 2010, Sabic Chief Financial Officer (CFO) Mutlaq Al-Morished said in the statement.

A banker told newswire Reuters in November that Kayan was raising $4 billion in loans and export credits, including as much as $2 billion through debt that complies with Islamic law. (Reuters)

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