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Aramco petchems JV Petro Rabigh is raising over $5bn to fund its Rabigh 2 expansion, due to begin production next year. It has also agreed an expanded deal with previously out-of-favor RAWEC to power the new plant.
With the steep fall in oil prices since last summer, Saudi Aramco has entered the debt market to raise the necessary cash flow for its immediate investment needs by securing a loan this week for its Rabigh Refining and Petrochemical Company joint venture, with another $10bn loan possibly in the pipeline.
Petro Rabigh, a joint venture between Saudi Aramco and Japan’s Sumitomo Chemical, has this week signed project financing loan agreements for SR19.4bn ($5.2bn) for the Rabigh 2 expansion project, due for completion in the first half of 2016. The project includes the expansion of the existing ethane cracker to process an additional 30mn cfd and building a 2.7mn tons/year naphtha reformer/aromatics complex (MEES, 6 March). It will also produce 1.3mn t/y of paraxylene.
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