(MENAFN) Saudi Arabia's PetroRabigh signed USD5.2 billion loans for the expansion of its petrochemicals complex in the kingdom, according to a statement issued by the company, Reuters reported.
The loans include USD1.99 billion from the Japan Bank for International Cooperation and USD1.3 billion from the state-owned Public Investment Fund. The rest of the money was in the form of loans from local and international banks.
The total cost of the project, known as Rabigh Phase II, is now estimated at USD7.99 billion. The firm is a joint venture between Saudi Aramco and Sumitomo Chemical.
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