SABIC affiliate, Yanbu National Petrochemical Company (YANSAB), has signed a package of loan contracts and facilities agreements valued at SR 13.125 billion (US$ 3.5 billion) with the Public Investment Fund (PIF), and a group of local, regional and global banks to fund the construction of its petrochemical complex in Yanbu Industrial City. Mutlaq Al-Morished, Chairman of the Board of Directors of YANSAB and SABIC Vice President for Corporate Finance, signed the contracts on behalf of YANSAB. Agents of the lending banks signed the contracts on behalf of the lending institutions. Mohamed Al-Mady, SABIC Vice Chairman and Chief Executive Officer said, "The participation of such a large number of banks and financial institutions to meet the company's credit requirements reflects the confidence that the world financial institutions attach to a sound and solid Saudi economy as well as the petrochemical industry in the Kingdom". --MORE 19/06/2006 10:28 ت م
