Saudi Kayan Petrochemical Co has secured $6 billion financing for its industrial complex after it obtained a $533 million loan from a state-owned fund, the company said on Wednesday. Kayan signed an agreement on Wednesday with the Saudi Industrial Development Fund for financing, the company said in a statement posted on the bourse website. “The completion of (Kayan's) project's financing requirements has now been concluded,” Kayan's Chief Executive Mutlaq Al-Morished was quoted as saying in the statement. Kayan is 35 percent owned by state-controlled Saudi Basic Industries Corp 2010.SE (SABIC). The company signed a loan agreement in May with a group of banks, that included ABN AMRO, Bahrain's Arab Banking Corp, France's BNP Paribas SA and HSBC Holdings Plc. Kayan hopes to start commercial production in fourth quarter of 2010. It will have an annual output capacity of 6 million tons petrochemicals.
