Sadara Chemical Company, a joint venture between Saudi Aramco and Dow Chemical Co, has won approval for $4.98 billion loan from the US Export-Import Bank.
Ex-Im Bank President Fred Hochberg in a statement said that the loan, aimed to build a petrochemical complex in Saudi Arabia, is the biggest in the history of the lender and will support more than 18,000 American jobs across 13 states.
Approximately 70 companies including Dow, KBR, ABB Inc and more than 20 small businesses are expected to export US goods and services to the facility in Jubail Industrial City II under the loan, the bank said in the statement.
The plant, scheduled to run in 2016, will comprise of 26 processing units producing more than 3 million metric tonnes of 10 major categories of chemical products and specialty plastics per year, the bank added.
Government export credit agencies in Britain, Germany, France and South Korea are also helping to finance construction of the complex.
NEW CEO takes over
Sadara also has a new CEO in place. The Board of Directors of Sadara said Ziad S. Al-Labban will be taking over as Chief Executive Officer, succeeding Ali A. Abuali who has elected to retire from the company. The appointment is effective October 1, 2012. Al-Labban was formerly the President & CEO of Rabigh Refining & Petrochemicals Co. (Petro Rabigh), which owns and operates a 400,000 barrel per day integrated refinery-petrochemical plant .