(MENAFN) Saudi's PetroRabigh announced it is seeking financing for the USD8.5 billion expansion of its petrochemicals complex in the kingdom, Arabian Business reported.
PetroRabigh, a joint venture between Saudi Aramco and Sumitomo Chemical, said that both its founding companies will each put in USD975 million in the project , with the rest of the funds coming from project financing.
PetroRabigh's existing plant can produce an annual 18 million tons of refined products and 2.4 million tons of petrochemical products.
The new facility, known as Rabigh II is expected to increase the output of the existing plant as well as introducing higher-margin product, as soon as it comes online in 2016.
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