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Kayan in Initial Deal with Daelim for Jubail’s Plant
JEDDAH/KHOBAR - Saudi Kayan Petrochemical Co said on Saturday that it had signed a preliminary agreement with South Korea’s Daelim Industrial Co to build a petrochemical plant.
The plant will have the capacity to produce 300,000 tonnes per year (tpy) of low density polyethylene, and will be part of Kayan’s giant petrochemical complex.
Kayan, a unit of Saudi Basic Industries , or Sabic, signed a letter of intent with Daelim for the engineering, procurement and construction (EPC) of the plant located in Jubail, on the Gulf’s east coast, Kayan said in a statement on the Saudi bourse’s website.
The preliminary agreement will last for three months, Kayan said.
Hollandi Raises $193m
Saudi Hollandi Bank has raised SR725 million ($193.3 million) from the sale this month of its second sukuk, sources familiar with the deal said.
Hollandi priced the issue at 190 basis points above the six-month interbank lending rate, sources at Saudi Hollandi Capital said. The six-month SAIBOR stood at 1.0475 per cent on Saturday.
The issuance has a ten year maturity period and is callable in 2014.
Hollandi mandated Riyadh Capital and Saudi Hollandi Capital to arrange the issuance which it said could be traded in the Saudi bourse.
The sukuk issue is the first in the Gulf Arab region to test the water since Dubai shocked financial markets on Nov. 25 when it called for a debt standstill for several of its state-linked companies.
In a private placement last year, Saudi Hollandi Bank issued its first sukuk worth SR775 million, priced at 200 basis points above SAIBOR, which was then about double its current rate.
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