JBIC agrees loan for JSMC

JBIC has signed a $432 million loan for Japan Saudi Arabia Methanol Company (JSMC). The deal is co-financed with Mizuho Bank and MUFG and is intended to provide necessary funding for JSMC to continue its joint venture with Saudi Basic Industries Corporation - Saudi Methanol Company (SMC) - which it formed in 1980. SMC produces and sells methanol in Al-Jubail Industrial City, Saudi Arabia. JSMC and SABIC agreed to extend the term of the joint venture agreement for a further 20 years from the expiry date of the previous agreement in November 2018.