The SABIC affiliate, National Industrial Gases Company (GAS) has signed SR 1.2 billion loan agreement with Banque Saudi Fransi (BSF). Under this agreement, BSF will be Financial Advisor for GAS and lead arranger for the company's expansion projects at its plants in Jubail and Yanbu The loan has been signed by Ibrahim Al-Shuwair SABIC's Vice President for Corporate Control and Gas Chairman of the Board of Directors. Mohamed Al-Mady, SABIC Vice Chairman and CEO, said: " GAS's new expansion projects will increase the total annual capacity of its complexes in Jubail and Yanbu to 7 million metric tons. Production is scheduled to begin in the first quarter 2008 to meet the oxygen requirements of SABIC plants and other industrial business". GAS represents a symbol of cooperation between SABIC and a group of national industrial gases companies, which own 30%. SABIC owns the remaining 70%. SABIC gives Islamic financing priority to diversify its funding resources.
