(MENAFN) Saudi International Petrochemical Company (Sipchem) stated that its affiliate, International Polymers Company (IPC) signed a financing agreement with Public Investment Fund (PIF) by which IPC will receive USD188 million, reported Arab News.
Sipchem explained that the funding was for financing greenfield EVA/LDPE plant. He added that the loan was to be repayed over 14 years in 26 semiannual and equal installments starting December next year.
It is worth noting that the deal was signed by director general of PIF Abdulrahman M. Al-Mufedhi, and Sipchem president of operations Abdullah S. Al-Saadoon.
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