Rabigh Refining & Petrochemical Co., a Saudi-based joint venture between Sumitomo Chemical Co. and Saudi Arabian Oil Co., has obtained $5.8 billion in loans from the Japan Bank for International Cooperation and other financial institutions, including major private-sector Japanese banks, Sumitomo Chemical said Friday.
Rabigh Refining, also known as PetroRabigh, will use the capital to build a major oil refinery and petrochemical complex on the western coast of Saudi Arabia at a cost of about $9.8 billion.
The private lenders include Bank of Tokyo-Mitsubishi UFJ, Mizuho Corporate Bank, Sumitomo Mitsui Banking Corp. and Sumitomo Trust & Banking Co.
Under the deal, JBIC will provide up to $2.5 billion and the Public Investment Fund of Saudi Arabia $1.0 billion, with the rest coming from commercial banks.