Sadara to hold export credit agency meetings

20 February 2012

Saudi Aramco trying to secure funding for $20bn Sadara petrochemicals project

The Sadara Chemical Company, a joint venture of Saudi Aramco and the US’ Dow Chemical, is set to hold meetings with seven export credit agencies (ECAs) in late February to finalise their contributions to the $20bn project.

Meetings are scheduled to take place in London and Washington DC with the seven international ECAs due to finance the project, Japan Bank for International Cooperation, South Korea’s Kexim and Korea Trade Insurance Corporation (K-Sure), US Exim, the UK’s Export Credits Guarantee Department (ECGD), Germany’s Hermes and France’s Coface.

Aramco and Dow are expected to start approaching banks for the commercial funding for the project in the second quarter of the year.

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