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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). (CONTINUED - 287 WORDS)