The deal is split between a $2bn commercial bank tranche with margins of 80-115 basis points, a $1bn Public Investment Fund (PIF) loan, a $640m Islamic tranche from Al-Rajhi, two $300m export credit agency covered tranches and a $130m loan from the Saudi Industrial Development Fund (SIDF).

Earlier this month, the $10bn Saudi Kayan petrochemicals project financing closed at margins of London interbank offered rate (Libor) plus 65 basis points, rising to 75 basis points (MEED 1:6:08).

Standard Chartered and Riyad Bank acted as financial advisers on the deal.