Sadara Chemical Co, a joint venture between Saudi Aramco and Dow Chemical, raised SAR7.5 billion ($2 billion) from the sale of an Islamic bond to fund a large petrochemical complex in the east of the Kingdom.
The Islamic bond, or sukuk, which has a lifespan of 16 years, was priced at 95 basis points over the six-month Saudi interbank offered rate (Saibor), a statement from Sadara said on Tuesday.
The sale is part of a $12.5 billion debt to fund the construction of the project, which will produce more than 3 million tonnes of petrochemicals each year when completed in 2016.
Read more: http://gulfbusiness.com/2013/04/saudi-aramco-dow-jv-raises-2bn-from-sukuk/
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