Weekly MENA Newsletter will be delivered to your email in PDF format every Friday (52 Issues per Year).
Saudi Arabian refiner Petro Rabigh is planning a SR7.035bn ($1.9bn) rights issue to help fund the cost of its $8bn Rabigh 2 expansion project, which is scheduled for start-up of its first units in the first half of 2016. The company, a joint venture of Saudi Aramco and Japan’s Sumitomo, says the plan is “subject to obtaining necessary approvals and deciding the offer price and number of shares.”
The announcement follows Aramco’s move into the debt market to raise SR19.4bn ($5.2bn) to help fund the project. The loans comprise SR7.5bn ($2bn) from Japan Bank for International Cooperation (JBIC), SR4.9bn ($1.3bn) from Saudi Arabia’s Public Investment Fund (PIF) and SR7bn ($1.9bn) from a syndicate of 19 financial institutions (MEES, 20 March).
DON'T HAVE AN ACCOUNT?
NEED TO UPGRADE YOUR CURRENT SUBSCRIPTION?
By upgrading your Print or Digital subscription you will gain access to the MEES Archives Database with past articles and data dating back from 1984.UPGRADE