The General Investment Fund (GIF) has agreed to grant Rabegh company for petrochemicals, owned by Saudi Aramco and the Japanese Sumotomo company, a loan of SR 3.75 billion to establish Rabegh's complex for refining and petrochemicals production and all of its facilities. In addition to the major share of GIF, other contributors of the loan included Japan Bank for International Cooperation and a number of local and international banks. The project is expected to be one of the biggest exporting petrochemical and refining projects in the world aiming at producing 18.4 million tons of high-quality oil products in addition to 2.4 million tons of chemical derivatives of Ethylene and Propylene. The project will also provide job opportunities, help the Kingdom of Saudi Arabia achieve economic diversity and will bolster the relations between the Kingdom of Saudi Arabia and Japan. The project is expected to be completed in July 2009.
