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Sipchem to issue $400m Islamic bond
Associated Press Published in The Saudi Gazette on 15 - 12 - 2010

RIYADH: The Saudi International Petrochemical Company (Sipchem) said its board has approved the issuing of an Islamic bond worth at least SR1.5 billion ($400 million).
Sipchem said in a statement Tuesday that the bond is slated to be issued in the first quarter of 2011, once it has received the necessary approvals from the country's Capital Markets Authority.
Sipchem's Chief Executive Ahmed Al Ohali said the funds will be used to finance new projects.
In its third expansion phase, the company set up a new petrochemical company to produce 300,000 metric tons of ethylene vinyl acetate and other products per year.
Sipchem's website said the SR4 billion project is slated to begin in 2013.

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