Saudi Arabia's PetroRabigh has signed loans worth around 19.4 billion riyals ($5.2 billion) for the expansion of its petrochemicals complex in the kingdom.
The loans include 7.5 billion riyals from the Japan Bank for International Cooperation and 4.9 billion riyals from the state-owned Public Investment Fund. The rest of the money was in the form of loans from local and international banks, it said in a statement.
The total cost of the project, known as Rabigh Phase II, is now estimated at 30 billion riyals, it said. The firm is a joint venture between Saudi Aramco and Sumitomo Chemical.