Advanced Petrochemical Announces Loan Agreement

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Hydrocarbon Engineering,

Advanced Petrochemical Co. announced that Advanced Polyolefins Industry Co., a subsidiary, has signed a loan agreement with the Saudi Industrial Development Fund (SIDF).

The loan agreement is valued at 3 billion Saudi Riyals and complements the procedures and requirements stipulated by SIDF in the conditional approval of the loan.

The loan, repayable in 16 unequal semi-annual installments, will be used to finance the construction of propane dehydrogenation (PDH) and polypropylene (PP) plants with a nominal manufacturing capacity of 843,000 tpa of propylene and 800,000 tpa of PP in Jubail. Industrial City II, Saudi Arabia.

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