Kuwait’s state owned Petrochemical Industries Co. (PIC) said on Sunday it was borrowing $1.4 billion for an aromatics project and that part of the loan would be sharia-compliant.
The aromatics project is part of a $8 billion petrochemical complex in Shuaiba in southern Kuwait which is being developed by companies including a joint-venture with Dow Chemical Co.
The 14-year loan includes a $347 million Islamic component, PIC’s Corporate Planning Manager Hamad al-Sedaie said, declining to identify the bank that arranged the facility.
Kuwait Paraxylene Production Co., a company owned by a PIC affiliate would use the cash for the aromatic plant, he said.
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