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Monday, 23 November 2009 19:59 UAE time

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Saudi PET firm denies loss of $530mn funding

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Sunday, 08 February 2009
PET FUNDS: Saudi Kayan Petrochemicals has denied funding has been cut. (Getty Images)
PET FUNDS: Saudi Kayan Petrochemicals has denied funding has been cut. (Getty Images)

Saudi Kayan Petrochemicals Company, which is building the world’s biggest ethylene-glycol plant, has denied a report that the Industrial Development Fund may withdraw its $530 million investment in the company.

“The fund has assured us of its commitment to our projects,” the Jubail, Saudi Arabia-based company said in a statement on the web site of the Saudi bourse.

“All of the company’s loan agreements were signed and discussions are underway with the fund to start issuing the loans,” it added.

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The Middle East Economic Digest reported on Feb. 1 that the fund may pull its financing for Saudi Kayan’s project, the statement said.

To contact the reporter on this story: in Dubai on

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