Home breadcru News breadcru Company breadcru Sumitomo-Aramco JV PetroRabigh gets JBIC finance

Sumitomo-Aramco JV PetroRabigh gets JBIC finance

06 Mar '06
3 min read

The financing facilities signed by PETRORabigh comprise the following:
- A loan in the amount of US$2.5 billion provided by JBIC
- A loan in the amount of US$1.0 billion provided by PIF
- A loan in the amount of US$1.7 billion (the “Commercial Facility”) provided by a group of commercial banks acting as Mandated Lead Arrangers

- Financing in the amount of US$600 million (the “Islamic Facility”) provided by a group of banks and Islamic financing institutions acting as Islamic Mandated Lead Arrangers
The Mandated Lead Arrangers and Islamic Mandated Lead Arrangers are listed as attached.

The PETRORabigh financing represents a landmark financing. The prominent role of JBIC and PIF demonstrates the importance that both the governments of Japan and the Kingdom of Saudi Arabia attach to the Project. Further, the level of participation from the conventional banks and the Islamic Institutions (including the Islamic Development Bank) reflects the high vote of confidence in the project as well as in the Sponsors. The Islamic Facility is the largest to date in any project finance transaction.

Sumitomo Mitsui Banking Corporation and Sumitomo Mitsui Banking Corporation Europe Limited acted as Financial Advisor to the Sponsors. HSBC Saudi Arabia Limited (HSBC Amanah) acted as Financial Adviser to the Sponsors in respect of the Islamic Financing.

Sumitomo Chemical includes some 100 companies operating around the world in six business sectors: basic chemicals, petrochemicals and plastics, fine chemicals, IT-related chemicals, agricultural chemicals, and pharmaceuticals.

Oil company Saudi Aramco produces and ships crude oil, natural gas and petroleum products to meet the global demand.

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