Saudi Kayan Petrochemical Company said on Saturday it had signed a $6 billion loan agreement with a group of banks to partly finance its complex in Al-Jubail industrial zone. ABN amro, Bahrain's Arab Banking Corporation, France's BNP Paribas SA, HSBC Holdings and Samba Financial Group will lead manage the 15-year loan agreement, it said in a statement on the bourse website. Kayan is 35 percent owned by state-controlled Saudi Basic Industries Corporation (SABIC). The Kayan project will start commercial production in the fourth quarter of 2010, SABIC chief financial officer Mutlaq Al-Morished said in the statement. A banker said in November that Kayan was raising $4 billion in loans and export credits, including as much as $2 billion through debt.
