Saudi Arabias Methanol Chemical Company (Chemanol) has received approval from the state-owned Saudi Industrial Development Fund (Sidf) to restructure remainder of a SR703m ($187m) loan.
Based in Jubail Industrial City, Chemanol, one of the biggest low-cost producers of methanol and derivatives in the GCC had obtained the loan in 2008. The company has already paid SR317 of the principal amount back to Sidf, it said in a stock exchange filing.
The remaining amount will be paid in nine instalments, ranging from SR25m-SR50m. The first instalment is due in January 2017 and the last will be paid in October 2020.
The rescheduling of the SIDF s loan aims at supporting the financial position of the company in line with its cash flows, Chemanol chief executive Khalid bin Ibrahim al-Rabiah said in the statement.