Financial close for Farabi Petrochemical complex

Farabi Petrochemicals has reached financial close on its SAR4.5 billion ($1.2 billion) linear alkyl benzene project in Yanbu.

The deal, initially expected to close in Q2 2018, includes a 15-year SAR2.15 billion commercial bank loan provided by Samba, Banque Saudi Fransi, NCB and Saudi British (SABB); and SAR1.2 billion of 15-year debt from Saudi Industrial Development Fund (SIDF). Linklaters advised the sponsor, with White & Case acting for the lenders.

Larsen & Toubro is EPC contractor for the project which is set to produce over 600,000 tonnes of petrochemical products a year.