Tasnee, Sahara Get $1.4B Islamic Loan For Petrochem Plants

Law360, New York (May 8, 2012, 3:38 PM EDT) -- Saudi Arabia's National Industrialization Co., better known as Tasnee, and Sahara Petrochemical Co. have secured a 5.1 billion riyal ($1.36 billion) Islamic loan from nine local banks to build three new petrochemical factories, Sahara said Tuesday.

The 16-year syndicated loan will fund a new complex in Jubail Industrial City on the country's Gulf coast that is slated to start production in early 2013, Sahara said. The project is a joint venture with Dow Chemical Co. and Evonik Industries AG, a German chemicals company.

The loan is...
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