The Sadara Chemical Company joint venture of Saudi Aramco and Dow Chemical on 30 June announced financial close for the $10.5bn main lending package that completes project financing for their 3mn tons/year petrochemicals complex at Jubail. This supplements $2bn raised through an April Sukuk: the total $12.5bn raised is the largest ever Mideast project financing (MEES, 21 June).

The $20bn Sadara project with its 26 world scale manufacturing units is the world’s largest chemical complex to be built in a single phase. Sadara says the plant will “introduce new specialty chemical plants and businesses as well as new value chains to complement the kingdom’s existing chemicals landscape.” First products are expected in the second half of 2015, with full plant operation due in 2016. (CONTINUED - 273 WORDS)