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International Methanol Company, a subsidiary of Saudi International Petrochemical Company (Sipchem), is close to completing the refinancing of a loan taken out to fund its Jubail methanol plant. The restructuring will not only reduce the price but will convert the facility into a sharia-compliant borrowing. Banque Saudi Fransi (BSF), Riyad Bank and SABB are expected to join the new transaction. The original 10-year, $180 million loan was taken out in 2003 (MEED 10:10:03).