IHS Chemical Week

Regions :: Middle East

International Methanol Co. signs loan agreement

9:11 AM MDT | July 28, 2013 | Natasha Alperowicz

Saudi International Petrochemical Co. (Sipchem; Al Khobar, Saudi Arabia) announces today that International Methanol Co. (IMC), one of Sipchem’s affiliates, signed an Islamic facility agreement with Riyad Bank for a loan of 325 million Saudi riyals ($86.7 million). The loan’s duration is 10 years and its purpose is the refinancing of an existing Islamic facility. IMC, under the terms of the agreement, has the right to increase debt for up to an additional SR200 million to support new projects or for general corporate...

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