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. (CONTINUED - 800 WORDS)