The Maaden deal will have margins of 80-115 basis points on the $2bn commercial bank tranche, and 60 basis points on the $300m tranche provided by South Korean export credit agency Kexim.

A further $300m has been provided by Keic, another South Korean export credit agency. Of the commercial bank portion, Al-Rajhi is providing a $640m Islamic tranche.

An additional $1bn debt has been provided by the Public Investment Fund and $130m by the Saudi Industrial Development Fund. The remaining 30 per cent of the project costs are coming through equity investment.

Saudi Kayan is also expected to finally reach financial close at about the same time, after having been out to the banking market since autumn 2007. The project involves debt of about $6bn of the total $10bn cost.